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

September 11, 2014

China Life Insurance Company Limited

(Translation of registrant’s name into English)

16 Financial Street

Xicheng District

Beijing 100033, China

Tel: (86-10) 6363-3333

(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

On September 11, 2014, China Life Insurance Company Limited published its interim report as required by The Stock Exchange of Hong Kong Limited for the six months ended June 30, 2014, a copy of which is attached as Exhibit 99.1 hereto.

Certain statements contained in this announcement may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. In some cases, the Company uses words such as “believe”, “intend”, “anticipate”, “estimate”, “project”, “forecast”, “plan”, “potential”, “will”, “may”, “should” and “expect” and similar expressions to identify forward-looking statements. Such forward-looking statements include, without limitation, statements regarding the Company’s business strategy, projected financial results, investment proposals, market competition, and product development strategy. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2013 filed with the U.S. Securities and Exchange Commission, or SEC, on April 25, 2014; and in the Company’s other filings with the SEC.

The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. All information provided in this announcement is as of the date of this announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

EXHIBIT LIST

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.

Exhibit 99.1

Contents

China Life Insurance Company Limited     2014 Interim Report

Definitions

In this report, unless the context otherwise requires, the following expressions have the following meanings:

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China Life Insurance Company Limited     2014 Interim Report

Company Profile

Registered Name in Chinese:

Registered Name in English:

China Life Insurance Company Limited (“China Life”)

Legal Representative:

Yang Mingsheng

Board Secretary:

Zheng Yong

Office Address: 16 Financial Street, Xicheng District, Beijing, P.R. China 100033

Telephone: 86-10-63631191

Fax: 86-10-66575112

Email: ir@e-chinalife.com

Securities Representative:

Lan Yuxi

Office Address: 16 Financial Street, Xicheng District, Beijing, P.R. China 100033

Telephone: 86-10-63631068

Fax: 86-10-66575112

Email: lanyuxi@e-chinalife.com

Registered Office Address:

16 Financial Street, Xicheng District, Beijing, P.R. China 100033

Current Office Address:

16 Financial Street, Xicheng District, Beijing, P.R. China 100033

Telephone: 86-10-63633333

Fax: 86-10-66575722

Website: www.e-chinalife.com

Email: ir@e-chinalife.com

Hong Kong Office:

Office Address: 1403, 14/F., C.L.I. Building, 313 Hennessy Road, Wanchai, Hong Kong

Telephone: 852-29192628

Fax: 852-29192638

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China Life Insurance Company Limited     2014 Interim Report

Company Profile

Newspapers for the Company’s A Share Disclosure:

China Securities Journal

Shanghai Securities

News Securities Times

CSRC’s Designated Website for the Company’s Interim Report Disclosure:

www.sse.com.cn

The Company’s H Share Disclosure Websites:

HKExnews website at www.hkexnews.hk

The Company’s website at www.e-chinalife.com

The Company’s Interim Reports may be Obtained at:

12/F, China Life Plaza, 16 Financial Street, Xicheng District, Beijing, P.R. China

H Share Registrar and Transfer Office:

Computershare Hong Kong Investor Services Limited

Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong

Depositary of ADR:

Deutsche Bank

60 Wall Street, New York, NY 10005

Domestic Legal Adviser:

King & Wood Mallesons

International Legal Advisers:

Latham & Watkins Debevoise & Plimpton LLP

Date of First Registration of the Company:

30 June 2003

Initial Registered Address of the Company:

16 Chaowai Avenue, Chaoyang District, Beijing, P.R. China 100020

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China Life Insurance Company Limited     2014 Interim Report

Company Profile

Date of the Latest Change of Registration of the Company:

20 June 2012

Latest Change of the Registered Address of the Company:

16 Financial Street, Xicheng District, Beijing, P.R. China 100033

Corporate Business Licence Serial Number:

100000000037965

Tax Registration Certificate Number:

11010271092841X

Organization Code:

71092841-X

Auditors of the Company:

Changes in the Main Business of the Company since the Company’s Initial Public Offering:

None

Changes of the Controlling Shareholder of the Company since the Company’s Initial Public Offering:

None

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China Life Insurance Company Limited     2014 Interim Report

Financial Summary

Notes:

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China Life Insurance Company Limited     2014 Interim Report

Chairman’s Statement

In the first half of 2014, the global economy was intricate and volatile, and the Chinese economy experienced downward pressure. The significant change in the competitive environment of the financial industry increased the pressure faced by the insurance industry, in particular, on the development and transformation of the life insurance industry. Against such intricate and volatile external environment and increasingly keen market competition, the Company adhered to the business strategy of “prioritizing value, stabilizing volume, optimizing structure and expanding sources of profit”, firmly adjusted its business structure, speeded up the business development of mid- and long-term regular premiums insurance and the protection-oriented insurance, made great efforts in pushing forward transformation and upgrade, and tackled various risks and challenges effectively. The business development of the Company for the first half of 2014 met our expectations, with its core business growing rapidly, structure being further optimized, and business value witnessing steady growth. The Company has achieved remarkable results in the shift from emphasizing on scale and speed to emphasizing on scale of value, thus further enhanced its capacity of sustainable growth.

During the Reporting Period, the Company’s total revenue was RMB240,999 million, a 2.6% decrease year-on-year; net profit attributable to equity holders of the Company was RMB18,407 million, a 13.6% increase year-on-year; and earnings per share (basic and diluted) were RMB0.65, a 13.6% increase year-on-year. New business value for the six months ended 30 June 2014 was RMB13,459 million, a 6.9% increase year-on-year. The Company’s market share² in the first half of 2014 was approximately 25.7%, maintaining a leading position in the life insurance market. As at the end of the Reporting Period, the Company’s total assets reached RMB2,120,114 million, an increase of 7.5% from the end of 2013; embedded value was RMB390,367 million, an increase of 14.1% from the end of 2013. As at 30 June 2014, the Company’s solvency ratio was 240.99%.

The Company actively undertook its corporate social responsibility. Relying on its competitive advantages in professionalism and business scale, the Company continued to develop policy-sponsored businesses including New Village Cooperative Medical Insurance, New Rural Pension Insurance, Basic Medical Insurance Program for Urban and Township Residents, Rural Medical Assistance Insurance, as well as Rural Micro-insurance business. In addition, the Company provided insurance coverage for astronauts, aerospace scientific personnels, and over 240,000 college- graduate village officials. The Company actively participated in public welfare and charitable undertakings. During the Reporting Period, the Company continually donated RMB30 million to the China Life Foundation. It also donated RMB10.05 million through the China Life Foundation to provide funding for the poverty alleviation projects in Yunxi County in Hubei Province, and Tiandeng County and Longzhou County in Guangxi Province. The Company allocated a sponsoring fund in an aggregate of approximately RMB4.05 million to the civil affairs departments of the relevant districts, and continued to provide support for Wenchuan earthquake orphans, Yushu earthquake orphans and Zhouqu mudslide orphans. The Company donated RMB16 million to relevant foundations to provide subsidies for families bereft of their only child, to provide funding for the construction of kidney dialysis clinics in grass-root hospitals in some rural areas of Liaoning Province, and to offer the “screening of two types of cancers” and the protection of serious diseases for women in poverty-stricken areas.

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China Life Insurance Company Limited     2014 Interim Report

Chairman’s Statement

In the second half of the year, the development environment both within and outside China will remain complicated with various unstable and uncertain factors. There will also be great challenges for economic development, and the life insurance industry is still facing great pressures for the development and transformation. Nevertheless, we should be aware that China’s overall economic development will remain stable, and the economic operation will be kept within a reasonable range. The fundamental conditions of life insurance industry remain unchanged and the life insurance industry continues to see tremendous development potentials. In particular, the rollout of the “Several Opinions of the State Council on Accelerating the Development of the Modern Insurance Industry” provides strong policy support to the reform and development of the insurance industry. The Company will stick to the existing business policy, and focus on reform and innovation, as well as transformation and upgrade. Building upon its overall streamlined organizational structure and staffing arrangement, the Company will further enhance its functions in market investigation and planning, and strongly push forward the allocation of more human resources to the frontline fields, with a view to actively enhancing the management efficiency of the Company and dealing with market competition. The Company will insist on putting its business development on the top priority, and pushing forward the shift of development mode. After having maintained the steady growth of its business and consolidated its market leading position, the Company will put great efforts on further developing first-year regular premium businesses with five years or longer payment duration to reinforce its capability for continuous development. The Company will also focus on the construction of sales teams, take effective measures to ensure their leading advantages, and improve the overall quality of sales teams. The Company will coordinate its business development in urban and rural areas, and place an emphasis on urban areas as its major place for competition while consolidating its traditional advantages in rural market in a bid to enhance its market competitiveness. The Company will stick to the client-oriented concept, and implant such concept into every aspect and area of its business management with a view to creating a business operational model compatible to this concept. The Company will actively push forward the market-oriented reform and the construction of corporate culture. The Company will operate its business in strict compliance with law, and adhere to the bottom-line of risks and enhance risk prevention.

Since its listing in 2003, the Company has grown into an enterprise with significant influence in the life insurance industry both within and outside China. China Life Insurance (Group) Company, of which the Company is a key member, ranked 98th in the Fortune Global 500 in 2014, entering the top 100 and staying No. 1 among the Chinese insurance enterprises in the list. Currently, the Company is at a critical period for transformation, upgrade and innovation. Standing at a new historical point of time and a brand-new starting point of development, all employees will reach a consensus and enhance confidence, determine to work hard with full dedication to continuously build up the hard and soft powers of China Life, enhance its overall competitiveness, and achieve the transformation of the Company from the largest to the strongest.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

In the first half of 2014, the Company actively took an initiative to adjust its business structure. Such business structure was noticeably optimized and its operating results were constantly improved, thus maintaining the leading position of the Company in the market. During the Reporting Period, the Company’s net premiums earned was RMB193,775 million, a decrease of 3.5% as compared to the corresponding period of 2013; first-year premiums decreased by 4.1% as compared to the corresponding period of 2013, first-year regular premiums increased by 14.3% as compared to the corresponding period of 2013, and the percentage of first-year regular premiums in first-year premiums increased to 36.10% in the first half of 2014 from 30.28% in the corresponding period of 2013; first-year regular premiums with 10 years or longer payment duration increased by 28.9% as compared to the corresponding period of 2013, and the percentage of first-year regular premiums with 10 years or longer payment duration in first-year regular premiums increased to 47.10% in the first half of 2014 from 41.79% in the corresponding period of 2013; renewal premiums decreased by 5.7% as compared to the corresponding period of 2013, and the percentage of renewal premiums in gross written premiums decreased to 53.70% in the first half of 2014 from 55.25% in the corresponding period of 2013; short-term accident insurance premiums increased by 10.7% as compared to the corresponding period of 2013, and the percentage of short-term accident insurance premiums in short-term insurance premiums increased to 61.20% in the first half of 2014 from 61.00% in the corresponding period of 2013. As at 30 June 2014, the number of in-force policies increased by 5.1% from the end of 2013; the Policy Persistency Rate (14 months and 26 months)³ reached 88.5% and 87.5%, respectively; and the Surrender Rate⁴ was 3.34%, a 1.29 percentage point increase as compared to the corresponding period of 2013.

With respect to the exclusive individual agent channel, the Company maintained a stable business scale and continued to optimize its business structure. During the Reporting Period, gross written premiums from the exclusive individual agent channel increased by 0.7% year-on-year; first-year premiums increased by 11.2% year-on-year; first-year regular premiums increased by 11.5% year-on-year; first-year regular premiums with 10 years or longer payment duration increased by 30.4% year-on-year; the percentage of first-year regular premiums with 5 years or longer payment duration and 10 years or longer payment duration in first-year regular premiums increased by 17.00 and 8.27 percentage points to 95.78% and 57.10% year-on-year; renewal premiums decreased by 1.5% year-on-year. With further development of the “effective expansion” strategy for team building, the overall quality of the sale force continued to improve. The Company made progress in developing professionalism of the distribution channel and effectively enhancing information technology applications, with remarkable achievements being made in product strategy and sales planning. As at the end of the Reporting Period, the Company had a total of 640,000 exclusive individual agents.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

With respect to the group insurance channel, the Company achieved steady growth in premiums, and improved its operating results. During the Reporting Period, gross written premiums, short-term insurance premiums and short-term accident insurance premiums from the group insurance channel increased by 2.9%, 13.9% and 14.6% year-on-year, respectively, and first-year premiums from the group insurance channel decreased by 35.8% year-on-year. The group insurance channel actively provided services to economic and social development, participated in the building of the social security system, and continued its provision of insurance for college-graduate village officials and planned birth insurance. The Company actively explored international operations, and took cooperation initiatives such as multinational pooling of insurance. As at the end of the Reporting Period, the Company had a total of 18,000 group sales representatives in the group insurance channel.

With respect to the bancassurance channel, the Company actively responded to the new changes in regulatory policies and the new challenges from the market competition, strengthened its efforts in product innovation, and deepened agency channel cooperation. After having maintained a considerable business scale, the Company actively adjusted its business structure, and made great efforts in developing regular premiums business, with an initial achievement being made in the development of channel transformation. During the Reporting Period, gross written premiums from bancassurance channel decreased by 12.9% year-on-year; first-year premiums decreased by 8.3% year-on-year; first-year regular premiums increased by 26.7% year-on-year; first-year regular premiums with 5 years or longer payment duration increased by 52.3% year-on-year. As at the end of the Reporting Period, the number of intermediary bancassurance outlets was 67,000, with a total of 53,000 sales representatives.

Starting from the beginning of the year, the growth of the Chinese economy slowed down, the overall financial market became stable with more relaxed liquidity, and progress in the marketization of interest rate was accelerated; an array of credit default events occurred, the bond market fluctuated and moved upward, and structures of the stock market differentiated obviously. The Company flexibly responded to changes in the capital market, introduced a market competition mechanism with respect to the use of capital, actively pushed forward the management of entrusted investments in both domestic and international markets, actively diversified investment types and channels, strengthened its investment capabilities and professional management, and constantly improved its portfolio allocations. In terms of fixed income investment, new negotiated deposits with higher fixed interest rates were made, which increased the income level of inventory assets; the Company increased its allocation in high grade credit debt securities, which further optimized the investment structure of bonds. In terms of equity investment, the Company took advantage of market opportunities to further control its risk exposure. In terms of real estate investment, the Company steadily pushed forward commercial real estate investment with an accumulated negotiated investment amount of approximately RMB8 billion; actively involved in infrastructure and real estate debt investment plan, with an accumulated investment amount of approximately RMB62.6 billion. In terms of other financial assets, the Company steadily promoted the investment in financial products such as trust schemes, wealth management products and project asset-backed plans, with a total investment amount of approximately RMB37.5 billion. As at the end of the Reporting Period, the Company’s investment assets reached RMB1,973,109 million, an increase of 6.7% from the end of 2013. Among the major

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

types of investments, the percentages of bonds increased to 48.06% from 47.25% as at the end of 2013, the percentages of term deposits decreased to 34.77% from 35.93% as at the end of 2013, and the percentages of shares and funds decreased to 5.26% from 7.50% as at the end of 2013. During the Reporting Period, interest income increased steadily, and net investment yield⁵ was 4.75%. The impairment losses of assets decreased notably, as a result of which the gross investment yield⁶ was 4.78% and gross investment yield including share of profit of associates and joint ventures⁷ was 4.90%. The comprehensive investment yield taking into account the current net fair value changes of available-for-sale securities recognized in other comprehensive income⁸ was 6.19%.

In the first half of 2014, the Company further implemented the “innovation-driven development strategy”. It also made great efforts in pushing forward products innovation, focused on the development of products, and launched various types of products in the exclusive individual agent channel, group insurance channel and bancassurance channel, thereby effectively promoting its business development and enhancing the value of its business. The Company endeavoured to push forward sales innovation, actively promoted innovative experience and practices such as direct sales over the customer service counter, thus strongly facilitating its business development and the construction of sales teams. It also step up its efforts in pushing forward service innovation with a key focus on meeting clients’ demands in order to fully promote the “immediate payout” service model for policy preservation and claim settlement. The Company optimized its policy loan service and fully promoted an integrated customer service system, with a view to improving its customer experience. Moreover, the Company kept on enhancing its notification service to increase the support to its business development steadily. The Company made great efforts in pushing forward technological innovation, and its data center was successfully open for operation and operated steadily. It successfully completed the promotion and preparation of E-customer Service System and a pilot program of intelligent claim settlement system, and actively explored the application of cloud assistance and WeChat.

The Company continued to comply with Section 404 of the U.S. Sarbanes-Oxley Act. Meanwhile, it carried out the work for the compliance with standard systems of corporate internal control by following the “Standard Regulations on Corporate Internal Control” and the “Implementation Guidelines for Corporate Internal Control” jointly issued by five PRC ministries including the Ministry of Finance and the “Basic Standards of Internal Control for Insurance Companies” issued by the CIRC. The Company adopted a model of remaining risks for the first time to conduct the classification of control procedures, and actively pushed forward risk-oriented internal control management. The Company continuously complied with the “Guidelines for the Implementation of Comprehensive Risk Management of Personal Insurance Companies” issued by the CIRC, improved the

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

comprehensive risk management framework, reinforced the mechanism of “Top-Down” transmission for its risk tolerance system, commenced the work in relation to risk monitoring and risk early-warning classification management, conducted the research on quantitative analysis of operating risk management, and intensified its control over key risks. The Company also implemented the project of “Integrity China Life” to facilitate the quality improvement of its sales teams. The Company expanded the coverage of sales risk early-warning and monitoring, and implemented the risk classification management for sales organizations. The Company consistently complied with regulatory requirements, intensified the special control on key risks in sales sector, and made efforts to push forward the establishment of a long-term effective mechanism for the regulation and control of sales risks.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Net Premiums Earned

During the Reporting Period, net premiums earned from individual life insurance business decreased by 5.1% year-on-year. This was primarily due to the adjustment to the business structure of the bancassurance channel.

During the Reporting Period, net premiums earned from group life insurance business increased by 9.7% year-on-year. This was primarily due to an increase in premiums earned from China Life group whole-life insurance business.

During the Reporting Period, net premiums earned from short-term insurance business increased by 15.4% year-on-year. This was primarily due to the Company’s increased efforts on making adjustment to the business structure and motivating local branches in acquiring new business.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

During the Reporting Period, net premiums earned from supplementary major medical insurance business increased by 262.9% year-on-year. This was primarily due to the Company’s active expansion of its business into the supplementary major medical insurance market by capitalizing on a strategic opportunity arising from the innovation of new public services by the PRC government through an insurance mechanism.

Gross written premiums categorized by business:

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Gross written premiums categorized by channel:

Notes:

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Investment Income

During the Reporting Period, investment income from securities at fair value through profit or loss decreased by 8.8% year-on-year. This was primarily due to a decrease in dividend income from funds as a result of the reduction of the volume of funds at fair value through profit or loss.

During the Reporting Period, investment income from available-for-sale securities increased by 13.6% year-on-year. This was primarily due to an increase in dividend income from available-for-sale funds and interest income from available-for-sale debt securities.

During the Reporting Period, investment income from held-to-maturity securities increased by 14.1% year-on-year. This was primarily due to an increase in interest income resulting from the Company’s increased allocation in held-to-maturity corporate bonds in light of market conditions.

During the Reporting Period, investment income from bank deposits increased by 6.9% year-on-year. This was primarily due to an increase in the volume of bank deposits and the higher level of market interest rates.

During the Reporting Period, investment income from loans increased by 39.1% year-on-year. This was primarily due to the increased volume of policy loans, debt investment plans and other investment assets.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Net Realised Gains and Impairment on Financial Assets

During the Reporting Period, changes in net realised gains and impairment on financial assets were primarily due to a decrease in income from the buy-sale price differential in the trading of available-for-sale equity securities.

Net Fair Value Gains through Profit or Loss

During the Reporting Period, net fair value gains through profit or loss decreased by 38.6% year-on-year. This was primarily due to a decrease in the volume of equity securities at fair value through profit or loss and the fluctuation of their market value.

Other Income

During the Reporting Period, other income increased by 5.2% year-on-year. This was primarily due to an increase in commission fees earned from CLP&C resulting from the development of the interactive business by the Company.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Insurance Benefits and Claims Expenses

During the Reporting Period, insurance benefits and claims expenses attributable to individual life insurance business decreased by 5.6% year-on-year. This was primarily due to the decrease in change in insurance contracts liabilities resulting from the combined effect of the change of discount rate assumption of reserves of traditional life insurance, the decrease in single premiums and the release of reserves because of maturity and surrender payments.

During the Reporting Period, insurance benefits and claims expenses attributable to group life insurance business decreased by 5.7% year-on-year. This was primarily due to a decrease in change in insurance contracts liabilities resulting from both the difference in the distribution of premiums from one year term life insurance of group life insurance business as compared to the corresponding period of last year and an increase in claims.

During the Reporting Period, insurance benefits and claims expenses attributable to short-term insurance business increased by 17.7% year-on-year. This was primarily due to an increase in business volume.

During the Reporting Period, insurance benefits and claims expenses attributable to supplementary major medical insurance business increased by 220.5% year-on-year. This was primarily due to an increase in business volume.

Investment Contract Benefits

During the Reporting Period, investment contract benefits increased by 4.7% year-on-year. This was primarily due to an increase in the volume of investment contracts.

Policyholder Dividends Resulting from Participation in Profits

During the Reporting Period, policyholder dividends resulting from participation in profits decreased by 5.8% year-on-year. This was primarily due to a decrease in investment yields for participating products.

Underwriting and Policy Acquisition Costs

During the Reporting Period, underwriting and policy acquisition costs increased by 2.4% year-on-year. This was primarily due to an increase in underwriting costs for the first-year regular premium business resulting from the optimization of the Company’s business structure.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Finance Costs

During the Reporting Period, finance costs decreased by 0.4% year-on-year. This was primarily due to a decrease in interest payments for securities sold under agreements to repurchase.

Administrative Expenses

During the Reporting Period, administrative expenses decreased by 0.1% year-on-year. This was primarily due to the reduction of expenses as a result of the implementation of a cost-cutting policy by the Company.

Other Expenses

During the Reporting Period, other expenses decreased by 6.7% year-on-year. This was primarily due to an increase in foreign exchange gains resulting from the slight depreciation of Renminbi.

During the Reporting Period, profit before income tax of the Company in the individual life insurance business increased by 9.2% year-on-year. This was primarily due to the change of discount rate assumption of reserves of traditional life insurance.

During the Reporting Period, profit before income tax of the Company in the group life insurance business increased by 203.1% year-on-year. This was primarily due to a decrease in policyholder dividends of group life insurance business segment.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

During the Reporting Period, profit before income tax of the Company in the short-term insurance business increased by 105.2% year-on-year. This was primarily due to a low amount of the profits from the short-term insurance business.

During the Reporting Period, changes in profit before income tax of the Company in the supplementary major medical insurance business, which is of low profit margin, were primarily due to the variation of claims.

During the Reporting Period, income tax of the Company was RMB4,310 million, a 12.6% increase year- on-year. This was primarily due to the combined impact of taxable income and deferred tax.

During the Reporting Period, net profit attributable to equity holders of the Company was RMB18,407 million, a 13.6% increase year-on-year. This was primarily due to the change of discount rate assumption of reserves of traditional life insurance. The yield curve of reserve computation benchmark for insurance contracts as of 30 June 2014 went upward as compared to that as of 31 December 2013.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Term Deposits

As at the end of the Reporting Period, term deposits increased by 3.3% from the end of 2013. This was primarily due to an increase in the volume of ordinary term deposits.

Held-to-Maturity Securities

As at the end of the Reporting Period, held-to-maturity securities increased by 6.1% from the end of 2013. This was primarily due to the Company’s increased allocation in held-to-maturity corporate bonds and financial bonds appropriately in light of market conditions.

Available-for-Sale Securities

As at the end of the Reporting Period, available-for-sale securities increased by 8.6% from the end of 2013. This was primarily due to the Company’s increased allocation in available-for-sale debt securities in light of market conditions.

Securities at Fair Value through Profit or Loss

As at the end of the Reporting Period, securities at fair value through profit or loss decreased by 7.3% from the end of 2013. This was primarily due to the Company’s decreased allocation in securities at fair value through profit or loss in light of market conditions.

Cash and Cash Equivalents

As at the end of the Reporting Period, cash and cash equivalents increased by 102.5% from the end of 2013. This was primarily due to the needs for liquidity management.

Loans

As at the end of the Reporting Period, loans increased by 14.5% from the end of 2013. This was primarily due to the increased allocation in policy loans, debt investment plans and other investment assets.

Investment Properties

As at the end of the Reporting Period, investment properties decreased by 1.7% from the end of 2013. This was primarily due to the depreciation of investment properties.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

As at the end of the Reporting Period, our investment assets are categorized as below in terms of asset classes:

Notes:

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Insurance Contracts

As at the end of the Reporting Period, insurance contracts liabilities increased by 4.3% from the end of 2013. This was primarily due to the new insurance business and the accumulation of insurance liabilities from renewal business. As at the reporting date, the Company’s insurance contracts reserves passed liability adequacy testing.

Investment Contracts

As at the end of the Reporting Period, account balance of investment contracts increased by 5.4% from the end of 2013. This was primarily due to an increase in the account volume of certain investment contracts products.

Policyholder Dividends Payable

As at the end of the Reporting Period, policyholder dividends payable increased by 5.8% from the end of 2013. This was primarily due to an increase in the amount of accumulated interest-bearing dividends payable.

Bonds Payable

As at the end of the Reporting Period, bonds payable remained stable as compared to the end of 2013. This was primarily due to the fact that no subordinated term debts were issued by the Company in the first half of 2014.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Securities Sold under Agreements to Repurchase

As at the end of the Reporting Period, securities sold under agreements to repurchase increased by 235.6% from the end of 2013. This was primarily due to the needs for liquidity management.

Annuity and Other Insurance Balances Payable

As at the end of the Reporting Period, annuity and other insurance balances payable increased by 17.6% from the end of 2013. This was primarily due to an increase in maturities payable and surrenders payable.

Deferred Tax Liabilities

As at the end of the Reporting Period, deferred tax liabilities increased by 89.5% from the end of 2013. This was primarily due to an increase in the fair value of available-for-sale securities.

As at the end of the Reporting Period, equity holders’ equity was RMB240,586 million, a 9.2% increase from the end of 2013. This was primarily due to the combined impact of an increase in fair value of available-for-sale securities and the net profit during the Reporting Period.

Our principal cash inflows come from insurance premiums, deposits from investment contracts, proceeds from sales and maturity of investment assets, and investment income. The primary liquidity risks with respect to these cash flows are the risks of early withdrawals by contract holders and policyholders, as well as the risks of default by debtors, interest rate changes and other market volatilities. We closely monitor and manage these risks.

Our cash and bank deposits can provide us with a source of liquidity to meet normal cash outflows. As at the end of the Reporting Period, the amount of cash and cash equivalents was RMB43,186 million. In addition, substantially all of our term deposits with banks allow us to withdraw funds on deposit, subject to a penalty interest charge. As at the end of the Reporting Period, the amount of term deposits was RMB686,097 million.

Our investment portfolio also provides us with a source of liquidity to meet unexpected cash outflows. We are also subject to market liquidity risk due to the large size of our investments in some of the markets in which we invest. In some circumstances, some of our holdings of investment securities may be large enough to have an influence on the market value. These factors may limit our ability to sell these investments or sell them at a fair price.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

Our principal cash outflows primarily relate to the liabilities associated with our various life insurance, annuity and accident and health insurance products, dividend and interest payments on our insurance policies and annuity contracts, operating expenses, income taxes and dividends that may be declared and paid to our equity holders. Cash outflows arising from our insurance activities primarily relate to benefit payments under these insurance products, as well as payments for policy surrenders, withdrawals and loans.

We believe that our sources of liquidity are sufficient to meet our current cash requirements.

We have established a cash flow testing system, and conduct regular tests to monitor the cash inflows and outflows under various changing circumstances and adjust the asset portfolio accordingly to ensure sufficient sources of liquidity. During the Reporting Period, net cash inflow from operating activities decreased by 5.3% year-on-year. This was primarily due to a decrease in insurance premiums. Net cash outflow from investing activities increased by 35.9% year-on-year. This was primarily due to the needs for investment management. The change in net cash inflow from financing activities was primarily due to the needs for liquidity management.

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China Life Insurance Company Limited     2014 Interim Report

Management Discussion and Analysis

The solvency ratio of an insurance company is a measure of capital adequacy, which is calculated by dividing the actual capital of the company (which is its admissible assets less admissible liabilities, determined in accordance with relevant regulatory requirements) by the minimum capital it is required to meet. The following table shows our solvency ratio as at the end of the Reporting Period:

The increase of the Company’s solvency ratio was primarily due to the combined effects of the increase in comprehensive income during the Reporting Period, the distribution of cash dividend for the year 2013 and the increase in minimum capital requirement resulting from the steady business development of the Company.

During the Reporting Period, there was no material change in the Company’s core competitiveness.

During the Reporting Period, the Company had neither raised capital nor used capital raised in the previous periods. The Company had not invested in any major projects with non-raised capital, the total investment amounts of which were over 10% of the audited equity holder’s equity as at the end of the previous year.

The Company will not declare an interim dividend for the Reporting Period.

According to the Profit Distribution Plan of the Company for the Year 2013 approved at the 2013 Annual General Meeting held on 29 May 2014, with the appropriation to its discretionary surplus reserve fund of RMB2,470 million (10% of the net profit for the year 2013 under China Accounting Standards for Business Enterprises), based on a total of 28,264,705,000 shares in issue, the Company has distributed a cash dividend of RMB0.30 per share (inclusive of tax) to all shareholders of the Company, totaling approximately RMB8,479 million.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

During the Reporting Period, the Company was not involved in any material litigation, arbitration or matter generally enquired by media.

During the Reporting Period, the following continuing connected transactions were carried out by the Company pursuant to Rule 14A.76(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), including the policy management agreement between the Company and CLIC, the asset management agreement between the Company and AMC, and the insurance sales framework agreement between the Company and CLP&C. These continuing connected transactions were subject to reporting, announcement and annual review requirements but were exempt from independent shareholders’ approval requirements under the Listing Rules. CLIC, the controlling shareholder of the Company, holds 40% of the equity interest of AMC and 60% of the equity interest of CLP&C. Therefore, each of CLIC, AMC and CLP&C constitutes a connected person of the Company.

During the Reporting Period, the following continuing connected transactions were carried out by the Company under Chapter 14A of the Listing Rules, including the framework agreements entered into by China Life AMP Asset Management Co., Ltd. (“AMP”) with the Company, Pension Company, CLIC and CLP&C, respectively. These continuing connected transactions were subject to reporting, announcement, annual review and independent shareholders’ approval requirements under the Listing Rules. AMP is a non-wholly owned subsidiary of AMC and is therefore a connected person of the Company.

In addition, during the Reporting Period, the Company also entered into certain continuing connected transactions, including the asset management agreement between CLIC and AMC and the asset management agreement between the Company and China Life Investment Holding Company Limited (“CLI”), which are exempt from reporting, announcement, annual review and independent shareholders’ approval requirements under Chapter 14A of the Listing Rules. CLI is a wholly-owned subsidiary of CLIC and is therefore a connected person of the Company.

The Company and CLIC have from time to time entered into policy management agreements since 30 September 2003. The Company and CLIC entered into the 2011 confirmation letter on 15 December 2011, pursuant to which both parties confirmed the renewal of the policy management agreement for three years from 1 January 2012 to 31 December 2014. Pursuant to the policy management agreement, the Company agreed to provide policy administration services to CLIC relating to the non-transferred policies. The Company acts as a service provider under the agreement and does not acquire any rights or assume any obligations as an insurer under the non-transferred policies. For details as to the method of calculation of the service fee, please refer to Note 17 in the Notes to the Interim Condensed Consolidated Financial Statements. The annual cap for each of the three years ending 31 December 2014 is RMB1,188 million.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

For the first half of 2014, the service fee paid by CLIC to the Company amounted to RMB479 million.

Since 30 November 2003, the Company has from time to time entered into asset management agreements with AMC. The renewed asset management agreement between the parties expired on 31 December 2012. On 27 December 2012, the Company entered into the 2012 asset management agreement with AMC, which is for a term of two years effective from 1 January 2013 and expiring on 31 December 2014, and subject to compliance with the Listing Rules, will be renewed for another year, unless terminated by either party giving to the other party no less than 90 days’ prior written notice to terminate the agreement at the expiration of its term. Pursuant to the 2012 asset management agreement, AMC agreed to invest and manage assets entrusted to it by the Company, on a discretionary basis, within the scope granted by the Company and in accordance with the requirements of the applicable laws and regulations and the investment guidelines given by the Company. In consideration of AMC’s services in respect of investing and managing various categories of assets entrusted to it by the Company under the agreement, the Company agreed to pay AMC a service fee. For details as to the method of calculation of the asset management fee, please refer to Note 17 in the Notes to the Interim Condensed Consolidated Financial Statements. The annual cap of the asset management fee for each of the three years ending 31 December 2015 is RMB1,200 million.

For the first half of 2014, the Company paid AMC an asset management fee of RMB437 million.

Since 30 November 2003, CLIC has from time to time entered into asset management agreements with AMC. The renewed asset management agreement between the parties expired on 31 December 2011. CLIC and AMC entered into the 2011 asset management agreement on 29 December 2011, which was for a term from 1 January 2012 to 31 December 2014. In accordance with the asset management agreement, AMC agreed to invest and manage assets entrusted to it by CLIC, on a discretionary basis, subject to the investment guidelines and instructions given by CLIC. In consideration of AMC’s services in respect of investing and managing assets entrusted to it by CLIC under the agreement, CLIC agreed to pay AMC a service fee. For details as to the method of calculation of the asset management fee, please refer to Note 17 in the Notes to the Interim Condensed Consolidated Financial Statements. The annual caps for the three years ending 31 December 2014 are RMB300 million, RMB310 million and RMB320 million, respectively.

For the first half of 2014, CLIC paid AMC an asset management fee of RMB64 million.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

On 22 March 2013, the Company and CLI entered into the asset management agreement in respect of the investment and management of certain categories of assets. The term of the agreement has been extended to 31 December 2014 pursuant to the automatic renewal clause. Pursuant to the asset management agreement, CLI agreed to invest and manage assets entrusted to it by the Company, on a discretionary basis, within the scope granted by the Company and in accordance with the requirements of the applicable laws and regulations and the investment guidelines given by the Company. The assets under management include equity interests, real properties and related financial products. In consideration of CLI’s services in respect of investing and managing various categories of assets entrusted to it by the Company under the agreement, the Company agreed to pay CLI a service fee. For details as to the method of calculation of the asset management fee, please refer to Note 17 in the Notes to the Interim Condensed Consolidated Financial Statements. The annual caps of the asset management fee for the two years ending 31 December 2014 are RMB150 million and RMB250 million, respectively.

For the first half of 2014, the Company paid CLI an asset management fee of RMB25 million.

On 18 November 2008, the Company and CLP&C entered into the 2008 insurance sales framework agreement, which expired on 17 November 2011. On 8 March 2012, the Company and CLP&C entered into the 2012 insurance sales framework agreement, the terms and conditions of which were substantially the same as those of the 2008 insurance sales framework agreement. The 2012 insurance sales framework agreement was for a term of two years and would be automatically extended for another year after its expiry unless terminated by either party by giving to the other party a written notice within 30 days prior to its expiry. The parties agreed that they would confirm and recognize the rights and obligations arisen based on the terms and conditions of the 2008 insurance sales framework agreement in respect of the period after the expiry of the 2008 insurance sales framework agreement and before the commencement of the term of the 2012 insurance sales framework agreement. Pursuant to the agreement, CLP&C entrusted the Company to act as an agent to sell selected insurance products within the authorized regions, and agreed to pay an agency service fee to the Company in consideration of the services provided. For details as to the method of calculation of the agency service fee, please refer to Note 17 in the Notes to the Interim Condensed Consolidated Financial Statements. The annual caps for the three years ending 31 December 2014 are RMB660 million, RMB1,250 million and RMB1,950 million, respectively.

For the first half of 2014, CLP&C paid the Company an agency service fee of RMB460 million.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

As approved at the thirteenth meeting of the fourth session of the Board and the 2013 Annual General Meeting, the Company and AMP entered into the “Framework Agreement in relation to Subscription and Redemption of Fund Products, Sale of Funds, Asset Management for Specific Clients and Other Daily Transactions” on 30 May 2014. The agreement became effective upon signing by the parties and will end on 31 December 2016. Pursuant to the agreement, the Company and AMP will enter into certain daily transactions, including subscription and redemption of fund products, sales agency services, asset management for specific clients and other daily transactions permitted by laws and regulations. Pricing of the transactions under the agreement shall be determined by the parties through arm’s length negotiations with reference to the industry practices. For the three years ending 31 December 2016, the annual caps of the subscription price and corresponding subscription fee for the subscription of fund products are RMB30,000 million, RMB66,000 million and RMB72,600 million, respectively; the annual caps of the redemption price and corresponding redemption fee for the redemption of fund products are RMB30,000 million, RMB66,000 million and RMB72,600 million, respectively; the annual caps of the sales commission fee and client maintenance fee payable by AMP are RMB100 million, RMB300 million and RMB400 million, respectively; the annual caps of the management fee payable by the Company for the asset management for specific clients are RMB10 million, RMB20 million and RMB20 million, respectively; and the annual caps of the fees for other daily transactions are RMB50 million, RMB100 million and RMB100 million, respectively.

For the first half of 2014, the subscription price and corresponding subscription fee for the subscription of fund products is RMB2,000 million, the redemption price and corresponding redemption fee for the redemption of fund products is RMB0 million, the sales commission fee and client maintenance fee paid by AMP is RMB0 million, the management fee paid by the Company for the asset management for specific clients is RMB0 million, and the fees for other daily transactions is RMB0 million.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

As approved at the thirteenth meeting of the fourth session of the Board and the 2013 Annual General Meeting, Pension Company and AMP propose to enter into the “Framework Agreement in relation to Subscription and Redemption of Fund Products, Sale of Funds and Other Daily Transactions”. The agreement will become effective upon signing by the parties and will end on 31 December 2016. Pursuant to the agreement, Pension Company and AMP will enter into certain daily transactions, including subscription and redemption of fund products, sales agency services and other daily transactions permitted by laws and regulations. Pricing of the transactions under the agreement shall be determined by the parties through arm’s length negotiations with reference to the industry practices. For the three years ending 31 December 2016, the annual caps of the subscription price and corresponding subscription fee for the subscription of fund products are RMB5,000 million, RMB10,000 million and RMB10,000 million, respectively; the annual caps of the redemption price and corresponding redemption fee for the redemption of fund products are RMB5,000 million, RMB10,000 million and RMB10,000 million, respectively; the annual caps of the sales commission fee and client maintenance fee payable by AMP are RMB50 million, RMB100 million and RMB100 million, respectively; and the annual caps of the fees for other daily transactions are RMB50 million, RMB100 million and RMB100 million, respectively.

As approved at the thirteenth meeting of the fourth session of the Board and the 2013 Annual General Meeting, CLIC and AMP entered into the “Framework Agreement in relation to Subscription and Redemption of Fund Products” on 30 May 2014. The agreement became effective upon signing by the parties and will end on 31 December 2016. Pursuant to the agreement, CLIC and AMP will enter into transactions in relation to the subscription and redemption of fund products. Pricing of the transactions under the agreement shall be determined by the parties through arm’s length negotiations with reference to the industry practices. For the three years ending 31 December 2016, the annual caps of the subscription price and corresponding subscription fee for the subscription of fund products are RMB5,000 million, RMB10,000 million and RMB10,000 million, respectively; and the annual caps of the redemption price and corresponding redemption fee for the redemption of fund products are RMB5,000 million, RMB10,000 million and RMB10,000 million, respectively.

For the first half of 2014, the subscription price and corresponding subscription fee for the subscription of fund products is RMB4,070 million, and the redemption price and corresponding redemption fee for the redemption of fund products is RMB0 million.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

As approved at the thirteenth meeting of the fourth session of the Board and the 2013 Annual General Meeting, CLP&C and AMP entered into the “Cooperation Agreement” on 6 June 2014. The agreement became effective upon signing by the parties and will end on 31 December 2016. Pursuant to the agreement, CLP&C and AMP will enter into certain daily transactions, including subscription and redemption of fund products, sales agency services and other daily transactions permitted by laws and regulations. Pricing of the transactions under the agreement shall be determined by the parties through arm’s length negotiations with reference to the industry practices. For the three years ending 31 December 2016, the annual caps of the subscription price for the fund products are RMB5,000 million, RMB10,000 million and RMB10,000 million, respectively; the annual caps of the redemption price for the fund products are RMB5,000 million, RMB10,000 million and RMB10,000 million, respectively; the annual caps of the subscription fee for the fund products are RMB50 million, RMB100 million and RMB100 million, respectively; the annual caps of the redemption fee for the fund products are RMB50 million, RMB100 million and RMB100 million, respectively; the annual caps of the sales commission fee and client maintenance fee payable by AMP are RMB50 million, RMB100 million and RMB100 million, respectively; and the annual caps of the fees for other daily transactions are RMB50 million, RMB100 million and RMB100 million, respectively.

For the first half of 2014, the subscription price for the fund products is RMB150 million, the redemption price for the fund products is RMB0 million, the subscription fee for the fund products is RMB0 million, the redemption fee for the fund products is RMB0 million, the sales commission fee and client maintenance fee paid by AMP is RMB0 million, and the fees for other daily transactions is RMB0 million.

On 27 June 2012, the Company and CLI entered into the “Property Transfer Framework Agreement”, which was for a term of three years. Pursuant to the framework agreement, the Company proposed to acquire from CLI properties for use by the Company’s branches as office premises, which consist of 1,198 properties with a total gross floor area of approximately 803,424.09 square meters. The properties shall be transferred in batches with standalone agreement to be entered into for each transfer. The actual purchase price of each property shall be valued and determined by the qualified intermediaries agreed upon by the parties with reference to prevailing market price. The total consideration for the property purchase is expected to be no more than RMB1.7 billion. The parties shall cooperate with each other to complete the transfer of ownership and deliver the properties if standalone property transfer agreements in respect of such properties have been signed prior to the expiry of the framework agreement. The parties shall not transfer any properties under the framework agreement if standalone property transfer agreements in respect of such properties have not been signed prior to the expiry of the framework agreement.

32

China Life Insurance Company Limited     2014 Interim Report

Significant Events

On 27 July 2009, the Company, CLIC and AMC entered into the “Entrustment of Enterprise Annuity Funds and Account Management Agreement of China Life Insurance (Group) Company” with Pension Company. The agreement is valid for three years from the date on which the entrusted funds are transferred into a special entrustment account. As a trustee and account manager, Pension Company provides trusteeship and account management services for the enterprise annuity funds of the Company, CLIC and AMC, and charges trustee management fees and account management fees in accordance with the agreement. The agreement expired on 1 December 2012. As considered and approved at the fourth meeting of the fourth session of the Board of Directors of the Company, the Company, CLIC, AMC and Pension Company renewed the agreement in the form of memorandum for one year up to 1 December 2013. At present, the Company, CLIC, AMC and Pension Company have entered into a new “Entrustment of Enterprise Annuity Funds and Account Management Agreement of China Life Insurance (Group) Company (including Supplemental Provisions in relation to Account Management and Investment Management)” and are in the process of filing the agreement with the Ministry of Human Resources and Social Security of the PRC.

As approved at the eleventh meeting of the fourth session of the Board and at the 2013 Annual General Meeting, the Company entered into the “Capital Injection Contract of China Life Property and Casualty Insurance Company Limited” with CLIC and CLP&C on 9 June 2014, whereby the Company and CLIC agreed to inject further capital into CLP&C by subscription of 2.8 billion shares and 4.2 billion shares at RMB1.00 per share, respectively. The amount of the capital injection by the Company and CLIC is RMB2.8 billion and RMB4.2 billion, respectively, representing 40% and 60% of the increased registered capital of CLP&C, respectively. On 7 July 2014, the CIRC approved CLP&C’s application for the change of its registered capital. Upon completion of the capital injection, the aggregate investment of the Company in CLP&C amounts to RMB6 billion, and CLP&C continues to be held as to 60% and 40% by CLIC and the Company, respectively.

Of the above connected transactions, the transactions in relation to the acquisition of properties from CLI and the capital injection to CLP&C were subject to reporting and announcement requirements but were exempt from independent shareholders’ approval requirements pursuant to Rule 14A.76(2) of the Listing Rules. The transaction of the capital injection to CLP&C was submitted to the shareholders’ meeting for approval pursuant to the aggregation principles of the listing rules of SSE.

During the Reporting Period, the Company was not involved in claims, debt transactions or guarantees with connected parties outside the course of its business.

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China Life Insurance Company Limited     2014 Interim Report

Significant Events

During the Reporting Period, the Company did not undertake any material asset transaction, merger and acquisition.

During the Reporting Period, the Company and its subsidiaries did not purchase, sell or redeem any of the Company’s listed securities.

No H Share Stock Appreciation Rights of the Company were granted or exercised in the first half of 2014. The Company will deal with such rights and related matters in accordance with relevant PRC governmental policy.

Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by CLIC into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 square meters) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 square meters) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the above-mentioned formalities within one year of the date of listing of the Company’s A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto.

34

China Life Insurance Company Limited     2014 Interim Report

Significant Events

CLIC strictly followed these commitments. As at the end of the Reporting Period, save for the two properties and related land of the Company’s Shenzhen Branch, the ownership registration formalities of which had not been completed due to historical reasons, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.

The Company’s Shenzhen Branch and the other co-owners of the properties have issued a letter to the governing department of the original owner of the properties in respect of the confirmation of ownership of the properties, requesting it to report the ownership issue to the State-owned Assets Supervision and Administration Commission of the State Council (the “SASAC”), and requesting the SASAC to confirm the respective shares of each co-owner in the properties and to issue written documents in this regard to the department of land and resources of Shenzhen, so as to assist the Company and the other co-owners to complete the formalities in relation to the division of ownership of the properties.

Given that the change of ownership of the above two properties and related land use rights were directed by the co-owners, and all formalities in relation to the change of ownership were proceeded slowly due to reasons such as issues rooted in history and government approvals, CLIC, the controlling shareholder of the Company, made further commitment as follows: CLIC will assist the Company in completing, and urge the co-owners to complete the formalities in relation to the change of ownership in respect of the above two properties and related land use rights as soon as possible. If the formalities cannot be completed due to the reasons of the co-owners, CLIC will take any other legally practicable measures to resolve the issue and will bear any potential losses suffered by the Company as a result of the defective ownership.

Resolution was passed at the 2013 Annual General Meeting held on 29 May 2014 to engage Ernst & Young Hua Ming LLP and Ernst & Young as the PRC and international auditors of the Company for the year 2014, respectively. The Company’s 2014 half-year financial statements prepared in accordance with the Chinese Accounting Standards for Business Enterprises has been reviewed (not audited) by Ernst & Young Hua Ming LLP and the Company’s 2014 Interim Condensed Consolidated Financial Statements prepared in accordance with the International Financial Reporting Standards has been reviewed (not audited) by Ernst & Young.

35

China Life Insurance Company Limited     2014 Interim Report

Significant Events

In the first half of 2014, the Company adhered strictly to the regulatory requirements and listing rules of the jurisdictions where it is listed, and adopted effective measures to improve the efficiency of the Board of Directors, strengthen the communication with investors, standardize and upgrade the system and workflow of information disclosure, and increase the transparency of its business operations so as to ensure that investors, especially small and medium investors, have an equal access to the Company’s information.

The Shareholders’ General Meetings, Board of Directors Meetings and Supervisory Committee Meetings of the Company have been functioning pursuant to their relevant procedural rules. As at 30 June 2014, the fourth session of the Board of Directors held 4 regular meetings, and the fourth session of the Supervisory Committee held 3 regular meetings. As at the latest practicable date (27 August 2014), the fourth session of the Board of Directors held 5 regular meetings, and the fourth session of the Supervisory Committee held 4 regular meetings. The Company held the 2013 Annual General Meeting on 29 May 2014 and the First Extraordinary General Meeting 2014 on 18 August 2014. The announcements concerning the resolutions adopted at the above meetings were published on the China Securities Journal, Shanghai Securities News and Securities Times, as well as the website of the SSE, the HKExnews website of Hong Kong Exchanges and Clearing Limited and the website of the Company.

The Company has applied the principles of the Corporate Governance Code and Corporate Governance Report (the “CG Code”) as set out in Appendix 14 to the Listing Rules, and has complied with all code provisions of the CG Code during the Reporting Period.

The Audit Committee of the Board of the Company has reviewed the 2014 Interim Report of the Company.

36

China Life Insurance Company Limited     2014 Interim Report

Changes in Share Capital and Shareholders Information

During the Reporting Period, there was no change in the total number of shares and the share capital of the Company.

37

China Life Insurance Company Limited     2014 Interim Report

Changes in Share Capital and Shareholders Information

During the Reporting Period, there was no change in the controlling shareholder and the effective controller of the Company.

So far as is known to the Directors, Supervisors and the chief executive of the Company, as at 30 June 2014, the following persons (other than the Directors, Supervisors and the chief executive of the Company) had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the Securities and Future Ordinance (Chapter 571 of the Laws of Hong Kong) (the “SFO”), or which were recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO, or as otherwise notified to the Company and HKSE:

38

China Life Insurance Company Limited     2014 Interim Report

Changes in Share Capital and Shareholders Information

The letter “L” denotes a long position. The letter “S” denotes a short position. The letter “P” denotes interest in a lending pool.

BlackRock, Inc. held by way of attribution a short position as defined under Part XV of the SFO in 12,017,495 H shares (0.16%).

Included in the 451,068,171 H shares are 325,946,721 H shares (4.38%), which are held in the “lending pool”, as defined under Section 5(4) of the Securities and Futures (Disclosure of Interests – Securities Borrowing and Lending) Rules.

JPMorgan Chase & Co. held by way of attribution a short position as defined under Part XV of the SFO in 19,285,542 H shares (0.26%).

Save as disclosed above, the Directors, Supervisors and the chief executive of the Company are not aware that there is any party who, as at 30 June 2014, had an interest or short position in the shares and underlying shares of the Company which were recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO.

39

China Life Insurance Company Limited     2014 Interim Report

Directors, Supervisors, Senior Management and Employees

During the Reporting Period, there was no change in shares of the Company held by Directors, Supervisors and Senior Management.

40

China Life Insurance Company Limited     2014 Interim Report

Directors, Supervisors, Senior Management and Employees

As at 30 June 2014, the Company had 97,855 employees in total.

As at 30 June 2014, none of the Directors, Supervisors and the chief executive of the Company had any interests or short positions in the shares, underlying shares or debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO) that were required to be recorded in the register of the Company required to be kept pursuant to Section 352 of the SFO or which had to be notified to the Company and the HKSE pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules.

The Board has established written guidelines on no less exacting terms than the Model Code for Directors and Supervisors of the Company in respect of their dealings in the securities of the Company. After making specific inquiries to all the Directors and Supervisors of the Company, they confirmed that they had complied with the Model Code and the Company’s own guidelines during the Reporting Period.

41

China Life Insurance Company Limited     2014 Interim Report

International Auditor’s Independent Review Report

To the Board of Directors of China Life Insurance Company Limited

(Incorporated in the People’s Republic of China with limited liability)

INTRODUCTION

We have reviewed the interim condensed consolidated financial statements, set out on pages 43 to 84, which comprise the interim condensed consolidated statement of financial position of China Life Insurance Company Limited (the “Company”) and its subsidiaries (together, the “Group”) as at 30 June 2014 and the related interim condensed consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, a summary of significant accounting policies and other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 Interim Financial Reporting (“IAS 34”). The directors of the Company are responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Our report is made solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards, or accept liability to, any other person for the contents of this report.

SCOPE OF REVIEW

We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34.

Ernst & Young

Certified Public Accountants

Hong Kong

27 August 2014

42

China Life Insurance Company Limited     2014 Interim Report

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2014

The notes on pages 49 to 84 form an integral part of the interim condensed consolidated financial statements.

43

China Life Insurance Company Limited     2014 Interim Report

Interim Condensed Consolidated Statement of Financial Position

As at 30 June 2014

Approved and authorized for issue by the Board of Directors on 27 August 2014.

The notes on pages 49 to 84 form an integral part of the interim condensed consolidated financial statements.

44

China Life Insurance Company Limited     2014 Interim Report

Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2014

The notes on pages 49 to 84 form an integral part of the interim condensed consolidated financial statements.

45

China Life Insurance Company Limited     2014 Interim Report

Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2014