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2007'02.01.Thu
China Life Insurance Company Limited Announces 2005 Annual Results
April 19, 2006

    HONG KONG, April 19 /Xinhua-PRNewswire/ -- China Life
Insurance Company Limited (SEHK: 2628; NYSE: LFC) today
announced the consolidated audited results of the Company
and its subsidiaries ("China Life" or the
"Company") for the full year ended 31 December
2005. 

    Key Highlights                                         
             
                                                           
             
    -- Net profit attributable to shareholders of the
Company for the year  
       amounted to RMB 9,306 million, up 29.77% from 2004. 
                      
    -- Basic and fully diluted earnings per share were RMB
0.35.            
    -- Total revenues for the year reached RMB 98,212
million, up 27.87% from
       2004.                                               
               
    -- Gross written premiums and policy fees reached RMB
81,022 million, up
       22.28% from 2004.                                   
               
    -- As at 31 December 2005, the Company's embedded value
was RMB 113,954 
       million, up                                         
               
    -- 26.51% from 2004, and the value of one year's sales
was RMB 7,489  
       million, up 15.14% from 2004.                    
    -- As at 31 December 2005, the Company's total assets
were RMB 559,219  
       million. Investment assets were RMB 494,356 million,
while investment 
       yield (on investment assets that include financial
assets and cash and 
       cash equivalents but exclude accrued investment
income) was 3.86%, up 
       37 basis points from 2004.                     
    -- The Company continued to maintain its leading
position in the life   
       insurance market in China, with a market share of
44.07%.     
    -- The Board of Directors recommended the payment of a
final dividend of 
       RMB0.05 per share for the year to the shareholders
whose names are on 
       the register of shareholders on 17 May 2006.       

    In year 2005, the Company achieved record levels of net
profit, total revenues and total assets.  For the year ended
31 December 2005, China Life's net profit attributable to
shareholders of the Company amounted to RMB 9,306 million,
an increase of 29.77% from 2004, primarily driven by
adjustments in the structure of the business, improvement
in investment income and enhancement of management
practices.  Basic and fully diluted earnings per share were
RMB 0.35.  The Company's total revenues amounted to RMB
98,212 million, a 27.87% increase over the previous year. 
As at 31 December 2005, the Company's total assets were RMB
559,219 million.  The Board of Directors recommended the
payment of a final dividend of RMB 0.05 per share for the
year to the shareholders whose names are on the register of
shareholders on 17 May 2006.   

    Commenting on the annual results of the Company for the
financial year 2005, Mr Yang Chao, Chairman of the Board of
China Life, said: "I am pleased to report encouraging
progresses in terms of reforms and business development by
the Company in 2005.  The Company has made adjustments to
its Board of Directors and senior management in its
continuing effort to improve corporate governance.  As the
core member of the China Life Insurance Group Company
("the Group"), China Life has adopted the Group's
new development strategy of transforming itself into a major
international financial and insurance group with rational
resource allocation, clear strategic advantages, strong
core businesses, appropriately diversified operations and
the respect of the community and the industry.  The Group
will be characterised by a high embedded value, strong core
competitiveness and highly sustainable development. China
Life has integrated this Group strategy into its business
objectives, namely, to establish the Company as a
world-class life insurance Company with advanced corporate
governance, a well-established management system, stringent
internal controls, leading technologies, a first-class team,
superior service and an outstanding brand.  The Company will
uphold the guiding principle of scientific development and
contribute to the rapid development and improvement of the
mainland insurance industry.  The Company is committed to
expanding and strengthening its business to enhance
shareholder value."

    Mr. Wu Yan, President of China Life, said: "During
the year, the Company adhered to a prudent development
strategy, resulting in steady business growth, continuous
improvement in business structure, and substantial increase
in investment income.  In addition to continuous growth in
operating profits, the Company also achieved further
improvement in management as well as greater influence in
the society, and maintained our leading position in PRC
life insurance market.  All staff members of the Company
share the same vision, and are determined to fulfil the
mission of `Focusing on people, Caring for life, Creating
value, Serving society'."

    Strong growth in business, leading position in the
market

    In 2005, the Company's total revenues were RMB 98,212
million, up 27.87% from 2004.  Gross written premiums and
policy fees reached RMB 81,022 million, up 22.28% from
2004.  Net profit attributable to shareholders of the
Company reached RMB 9,306 million, up 29.77% from 2004.  

    According to figures released by the China Insurance
Regulatory Commission ("CIRC"), the Company
continued to maintain its leading position of China's life
insurance market, with a market share of 44.07% in 2005.

    Business structure further optimized, embedded value
further increased

    In 2005, leveraging on the positive effects of total
budget management and cost management, the Company
continued to adjust its business structure with a view to
achieving a balanced business growth.  
 
    In 2005, gross written premiums were RMB 74,939
million, representing a 22.72% increase from 2004. 
First-year gross written premiums from long-term
traditional insurance contracts amounted to RMB 20,425
million, up 1.14% from 2004.  First-year regular gross
written premiums reached RMB 18,529 million, up 6.44% from
2004.  First-year regular gross written premiums accounted
for 90.72% of first-year gross written premiums from
long-term traditional insurance contracts.

    As at 31 December 2005, the Company's embedded value
was RMB 113,954 million, an increase of 26.51% from 2004. 
The value of one year's sales for the year ended 31
December 2005 was RMB 7,489 million, up 15.14% from 2004.
Embedded value is an actuarially determined estimate of the
economic value of life insurance business of an insurance
Company, excluding the economic value of future new
business.  The value of one year's sales provides an
indication of the value being created for investors by new
business activity and hence the potential of the business. 


    Optimized asset structure, increased investment income

    In 2005, the Company adhered to prudent principles and
adjusted its investment strategies according to changes in
the capital markets.  During the year, the Company
increased the proportion of bond investments with longer
maturities and lowered the proportion of term deposits.  In
addition, the Company adopted a proactive and yet prudent
approach to equity investments and optimized the structure
of its foreign exchange assets.  The Company also extended
the durations of its assets, improved asset-liability match
and effectively increased investment income.  As at 31
December 2005, the Company's total investment assets
(including financial assets and cash and cash equivalents
but excluding accrued investment income) amounted to RMB
494,356 million.  Investment yield was 3.86%, up 37 basis
points from 2004.

    Stringent cost control, strong financial positions

    In 2005, the Company strived to achieve the realization
of business development, structural adjustment and earnings
growth, and highlighted core significance of financial
management in the Company's overall business management. 
While ensuring continuous business development, the Company
further implemented total budget management to stringently
control costs.  In 2005, the consolidated cost control
ratio was 17.2%, down 1.4 percentage points from 2004.

    As at 31 December 2005, the Company's total assets were
RMB 559,219 million.  Shareholders' equity was RMB 80,378
million.  The Company's solvency level was approximately
2.73 times the minimum regulatory requirement.  A strong
financial position and an adequate solvency level have
enabled the Company to expand its business at a rapid pace.


    Broadened sales channel, enhanced service quality

    The Company has the largest sales team in China's life
insurance industry, with the broadest geographic coverage. 
In 2005, the Company continued to maintain its leading sales
capabilities by continuously expanding sales channels and
scope of cooperation, as well as stepping up efforts in
sales staff training and management.  As at 31 December
2005, the Company has approximately 640,000 individual
agents, 12,000 direct sales staff, and a network of more
than 89,000 cooperating bank branches and post saving
offices that have established bancassurance business
relationships.

    In 2005, the Company continued to strive to improve
underwriting and claims management as well as customer
service standards.  The Company formulated and revised a
series of policies and management rules, adjusted and
optimized business flows, strengthened controls on business
risks, improved its service and upgraded its effectiveness
and quality of business processing. The centralized service
platform "95519" Call Center was awarded the Best
Performing Call Centre in China 2005 by the Customer
Relationship Management Professional Committee of the
Alliance for Promotion of Informationalization under the
Ministry of Information Industry.  China Life was the only
life insurance Company to receive such award in China. 
This was also the second consecutive year the Company was
granted with this award.

    Further improvement in corporate governance and
internal control 

    In order to satisfy regulatory requirements at which
the Company is listed in a more effective manner, and to
further enhance its corporate governance standards, China
Life introduced a series of enhancement initiatives in this
area.  The Company made changes and enhancements to the
Board of Directors and its special committees to further
emphasise the roles of independent directors. According to
the requirements of the Code on Corporate Governance
Practices of the Stock Exchange of Hong Kong, the roles of
the Chairman and the President were also separated.  In
addition, the Company further optimizes its vertically led
and centrally managed audit system, with the internal audit
team further strengthened and a series of internal auditing
systems and guidelines formulated and revised.  The Company
also allocates sufficient resources and continues to
optimize internal control systems and is preparing itself
for compliance with the Sarbanes-Oxley Act Section 404.

    Since its listing, the Company has placed strong
emphasis on the supervision and management on three types
of risks: financial, investment and operational.  The
Company also continuously improved its information
disclosure system.  The supervisory and control system for
internal control and risk management is comprised of the
Board of Directors and its Audit Committee and Risk
Management Committee, the Company's Supervisory Committee,
the Internal Control and Risk Management Committee under
the Management, as well as departments exercising internal
control and supervisory roles for the Company, including
the newly established Internal Control and Compliance
Department, as well as the Legal Affairs Department and
Audit Department.  Continuous improvement in internal
control facilitates prevention and management of business
risks, which will result in better protection of interests
of customers and shareholders.

    In February 2006, the Company was awarded "The
Most Trusted Life Insurance Company" in the 2005
Financial Entities Election in China, a major online
election in the country.  According to the ranking
announced by Forbes in April 2006, the Company was ranked
297th among the Top 2000 Global Listed Companies, and was
ranked seventh among the companies based in Greater China
(including Hong Kong Special Administrative Region, Macau
Special Administrative Region and the Taiwan Region).  In
April 2006, the Company was named "The 2005 Leader in
Insurance Industry" in the "2005 Chinese Service
Industry Leaders Awards" organized by a number of
market research institutes including the Horizon Research
Consultancy Group.

    2006 Outlook

    In 2006, further development of the country's economy
and the expansion of investment channels for insurance
funds will bring about more development opportunities for
the Company.  On the other hand, keen competition in the
industry and uncertainties in the capital markets will
bring challenges.  The Company will adopt a development
strategy that is both proactive and balanced.  It will
further improve corporate governance and enhance its
internal control, risk management and business management
capabilities.  By integrating sales resources, China Life
will establish an efficient and effective sales system and
back-office support system.  The Company will strengthen
its market leading position and continue to restructure its
business, optimize asset allocation, and strengthen cost
control to further enhance profitability.  

    Forward-looking statements

    Certain statements contained in this announcement may
be viewed as "forward-looking statements" within
the meaning of Section 21E of the US. Securities Exchange
Act of 1934, as amended.  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 Registration Statement on Form F-1 for its
initial public offering (333-110615) and in the Company's
other filings with the SEC.

    About China Life Insurance Company Limited

    China Life Insurance Company Limited (the
"Company") (SEHK: 2628; NYSE: LFC) was
established in Beijing on 30 June 2003. On 17 and 18
December 2003, the Company successfully listed on the New
York Stock Exchange and the Stock Exchange of Hong Kong
respectively. 

    The Company is the leading life insurance Company in
the insurance market of China (referring to the People's
Republic of China for this press release, excluding the
Hong Kong Special Administrative Region, Macau Special
Administrative Region and the Taiwan Region).  The Company
has the most extensive distribution network in China that
comprises exclusive agents, direct sales representatives
and dedicated and non-dedicated agencies. 

    The Company offers a series of products and services,
including individual and group life insurance, accident
insurance and health insurance.  It is the largest life
insurance Company in China, and is the leading provider of
individual and group life insurance, annuities products,
accident insurance and health insurance.  As at 31 December
2005, the Company had over 70 million individual and group
life insurance policies, annuities contracts and long-term
health insurance policies that are in force, and also
offers individual and group accident and short-term health
insurance policies.  The Company also controls China Life
Asset Management Company Limited, and is the largest
insurance asset manager and one of the largest
institutional investors in China.


Appendix 1

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31
DECEMBER 2005
                                                           
             
                                                         
2005        2004 
                                                      RMB
million  RMB million 
                                                           
        (Restated)  
    REVENUES                                               
             
    Gross written premiums and policy fees                 
             
        (including gross written premiums and              
             
         policy fees from insurance contracts 
         2005: RMB 80,651 million, 2004:                   
        
         RMB 65,878 million )                          
81,022        66,257 
    Less: premiums ceded to reinsurers                   
(769)       (1,182)
    Net written premiums and policy fees               
80,253        65,075 
    Net change in unearned premium reserves              
(215)          (67)
    Net premiums earned and policy fees                
80,038        65,008 
    Net investment income                              
16,685        11,317 
    Net realised losses on financial assets              
(510)           -- 
    Net realised losses on investments                     
--          (237)
    Net fair value gains on assets at fair value           
             
     through income                                       
260            -- 
    Net unrealised losses on trading securities            
--        (1,061)
    Other income                                        
1,739         1,779 
    Total revenues                                     
98,212        76,806 
    BENEFITS, CLAIMS AND EXPENSES                          
             
    Insurance benefits and claims                          
             
    Life insurance death and other benefits            
(8,311)       (6,816)
    Accident and health claims and claim                   
             
     adjustment expenses                               
(6,847)       (6,418)
    Increase in long-term traditional insurance            
             
     contracts liabilities                            
(33,977)      (25,361)
    Interest credited to long-term investment              
             
     type insurance contracts                          
(4,894)       (3,704)
    Interest credited to investment contracts            
(973)         (616)
    Increase in deferred income                        
(8,521)       (7,793)
    Policyholder dividends resulting from                  
             
     participation in profits                          
(5,359)       (2,048)
    Amortisation of deferred policy acquisition            
             
     costs                                             
(7,766)       (6,263)
    Underwriting and policy acquisition costs          
(1,845)       (1,472)
    Administrative expenses                            
(7,237)       (6,585)
    Other operating expenses                             
(798)         (131)
    Statutory insurance fund                             
(174)          (96)
    Total benefits, claims and expenses               
(86,702)      (67,303)
    Net Profit before income tax expenses              
11,510         9,503 
    Income tax expenses                                
(2,145)       (2,280)
    Net profit                                          
9,365         7,223 
                                                           
             
    Attributable to:                                       
             
      - shareholders of the Company                     
9,306         7,171 
      - minority interest                                  
59            52 
    Basic and diluted earnings per share            RMB  
0.35    RMB   0.27 
                                                           
             
    Dividends proposed after the balance sheet             
             
     date                                               
1,338           Nil 


Appendix 2

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2005

                                                      As at
          As at     
                                                   31
December     31 December  
                                                       2005
          2004     
                                                           
       (Restated)  
                                                    RMB
million   RMB million  
    ASSETS                                                 
             
    Property, plant and equipment                     
12,710         12,250 
    Deferred policy acquisition costs                 
37,741         32,787 
    Financial assets                                       
             
      Debt securities:                               
255,554        150,234 
      - held-to-maturity securities                  
146,297         79,603 
      - available-for-sale securities                 
96,425             -- 
      - non-trading securities                            
--         69,791 
      - financial assets at fair value                     
             
         through income                               
12,832             -- 
      - trading securities                                
--            840 
      Equity securities:                              
39,548         17,271 
      - available-for-sale securities                 
26,261             -- 
      - non-trading securities                            
--         12,597 
      - financial assets at fair value                     
             
         through income                               
13,287             -- 
      - trading securities                                
--          4,674 
      Term deposits                                  
164,869        175,498 
      Statutory deposits-restricted                    
5,353          4,000 
      Policy loans                                       
981            391 
      Securities purchased under agreements                
             
       to resell                                          
--            279 
      Accrued investment income                        
6,813          5,084 
    Premiums receivables                               
4,959          3,912 
    Reinsurance assets                                 
1,182          1,297 
    Cash and cash equivalents                         
28,051         27,217 
    Other                                              
1,458          3,451 
                                                           
             
    Total Assets                                     
559,219        433,671 
                                                           
             
    LIABILITIES AND EQUITY                                 
             
    Liabilities                                            
             
                                                           
             
    Insurance contracts                                    
             
      Short-term insurance contracts:                      
             
      - reserves for claims and claim                      
             
         adjustment expenses                           
1,784          1,215 
      - unearned premium reserves                      
5,147          5,212 
      Long-term traditional insurance                      
             
       contracts                                     
124,656         89,698 
      Long-term investment type insurance                  
             
       contracts                                     
237,001        191,885 
    Deferred income                                   
34,631         27,603 
    Financial Liabilities                                  
             
      Investment contracts                                 
             
      - with discretionary participation                   
             
        feature ("DPF")                          
    42,230         32,476 
      - without DPF                                    
1,872          1,635 
      Securities sold under agreements to                  
             
       repurchase                                      
4,731             -- 
    Annuity and other insurance balances                   
             
     payable                                           
4,492          2,801 
    Premiums received in advance                       
2,951          2,447 
    Policyholder dividends payable                     
6,204          2,037 
    Other liabilities                                  
4,106          4,922 
    Current income tax liabilities                       
525             38 
    Deferred tax liabilities                           
7,982          4,371 
    Statutory insurance fund                              
98            429 
                                                           
                 
    Total liabilities                                
478,410        366,769 
                                                           
             
    Contingencies and commitments                         
--             -- 
                                                           
             
    Shareholders' equity                                   
             
    Share capital                                     
26,765         26,765 
    Reserves                                          
37,225         31,573 
    Retained earnings                                 
16,388          8,192 
                                                           
             
    Total shareholders' equity                        
80,378         66,530 
                                                           
             
    Minority interest                                    
431            372 
                                                           
             
    Total equity                                      
80,809         66,902 
    Total liabilities and equity                     
559,219        433,671 



Appendix 3

GROSS WRITTEN PREMIUMS AND DEPOSITS
For the year ended 31 December 2005
                                                           
             


                                                   2005    
            2004 
                                            RMB million    
     RMB million 
    Individual life insurance                              
             
    Gross written premiums                       63,205    
          50,113 
    First-year gross written                               
             
     premiums                                    19,574    
          19,900 
    Single gross written premiums                 1,085    
           2,526 
    First-year regular gross written             18,489    
          17,374 
    premiums                                               
             
    Renewal gross written premiums               43,631    
          30,213 
    Deposits                                     62,483    
          66,981 
    First-year deposits                          49,144    
          54,662 
    Single deposits                              46,061    
          52,343 
    First-year regular deposits                   3,083    
           2,319 
    Renewal deposits                             13,339    
          12,319 
                                                           
             
                                                           
             
    Group life insurance                                   
             
    Gross written premiums                          867    
             344 
    First-year gross written                               
             
     premiums                                       851    
             295 
    Single gross written premiums                   811    
             261 
    First-year regular gross written                 
     premiums                                        40    
              34                      
    Renewal gross written premiums                   16    
              49 
    Deposits                                     23,463    
          21,756 
    First-year deposits                          23,452    
          21,738 
    Single deposits                              23,401    
          21,726 
    First-year regular deposits                      51    
              12 
    Renewal deposits                                 11    
              18 
                                                           
             
                                                           
             
    Accident and health insurance                          
             
    Gross written premium                        10,867    
          10,606 
    Short-term accident insurance                          
             
    Gross written premiums                        5,135    
           4,977 
    Short-term health insurance                            
             
    Gross written premiums                        5,732    
           5,629 
                                                           
             
                                                           
             
    Total gross written premiums                 74,939    
          61,063 
    Total deposits                               85,946    
          88,737 


    For further information, please contact:

    Media Enquiries:

    English / Mandarin
     Mr. Bruce Shu
     Citigate Dewe Rogerson 
     Tel:   +852-9132-2906 or +852-2533-4607	
     Fax:   +852-2524-5599  
     Email: bruce.shu@citigatedr-hk.com

    English / Cantonese / Mandarin
     Mr. Mill Seen
     Citigate Dewe Rogerson 
     Tel:   +852-9224-9240 or +852-2533-4612   
     Fax:   +852-2524-5599  
     Email: mill.seen@citigatedr-hk.com

    Mandarin
     Ms. Liu Yang
     Citigate Dewe Rogerson 
     Tel:   +86-138-0110-4947 or +86-10-6505-2082  
     Fax:   +86-10-6505-2080  
     Email: liu.yang@citigatedr-hk.com

     Mr. Jason Qingyang Cao 
     China Life Insurance Company Limited 
     Tel:   +852-9610-2760 (Tuesday, April 18)
     Tel:   +86-10-8565-9778 (Regular contact number)
     Fax:   +86-10-8525-2210
     Email: caoqingyang@e-chinalife.com

    Investor and Analyst Enquiries:

     Mr. Jason Qingyang Cao
     China Life Insurance Company Limited 
     Tel:   +852-9610-2760 (Tuesday, April 18)
     Tel:   +86-10-8565-9778 (Regular contact number)     
     Fax:   +86-10-8525-2210 
     Email: caoqingyang@e-chinalife.com

SOURCE  China Life Insurance Company Limited

PR
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