Reports of the Board of Directors and the Board of Supervisors for the year 2021, Financial Report and Profit Distribution Plan for the year 2021, Remuneration of

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in any doubtas to any aspect of this circular or as to the action you should take, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional adviser.

If you have sold or transferredall your shares in China Life Insurance Company Limited, you should at once hand this circular and the accompanying proxy form, the reply slip for the Annual General Meeting and, if applicable, the 2021 Annual Report to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular.

ʕ਷ɛྪڭᎈٰ΅Ϟࠢʮ̡

CHINA LIFE INSURANCE COMPANY LIMITED

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2628)

REPORTS OF THE BOARD OF DIRECTORS AND THE BOARD OF

SUPERVISORS FOR THE YEAR 2021

FINANCIAL REPORT AND

PROFIT DISTRIBUTION PLAN FOR THE YEAR 2021 REMUNERATION OF DIRECTORS AND SUPERVISORS

DUTY REPORT OF THE INDEPENDENT DIRECTORS FOR THE YEAR 2021 REPORT ON THE OVERALL STATUS OF CONNECTED TRANSACTIONS

FOR THE YEAR 2021

AND

NOTICE OF ANNUAL GENERAL MEETING

A notice convening the Annual General Meeting of China Life Insurance Company Limited to be held at Multi-function Hall, 2/F, Block A, China Life Plaza, 16 Financial Street, Xicheng District, Beijing, China, on Wednesday, 29 June 2022 at 10:00 a.m. is set out on pages 6 to 11 of this circular.

Whether or not you are able to attend the Annual General Meeting, you are advised to read the notice of Annual General Meeting and to complete and retuthe enclosed proxy form in accordance with the instructions printed thereon. For holders of H Shares, the proxy form, together with the notarized power of attorney or any other authorization documents, should be returned to the Company's H Share registrar, Computershare Hong Kong Investor Services Limited, and for holders of A Shares, the proxy form, together with the notarized power of attorney authorizing execution of the proxy form or any other authorization documents should be returned to the Company's Board Office in person or by post not less than 24 hours (excluding any part of a day that is a public holiday) before the time appointed for convening the Annual General Meeting (i.e. no later than 10:00 a.m. on 28 June 2022) or any adjourned meeting thereof. Completion and retuof the proxy form will not preclude you from attending and voting at the Annual General Meeting or at any adjourned meeting if you so wish.

If you intend to attend the Annual General Meeting in person or by proxy, you are required to complete and retuthe reply slip to Computershare Hong Kong Investor Services Limited (for holders of H Shares) or to the Company's Board Office (for holders of A Shares) on or before Thursday, 9 June 2022.

In the interest of all shareholders' health and safety and in order to prevent and control the spread of COVID-19, the Company reminds all shareholders that physical attendance in person at the AGM is not necessary for the purpose of exercising voting rights. Shareholders may appoint the chairman of the meeting as their proxy to vote on the relevant resolutions at the AGM instead of attending the AGM in person, by completing and returning the enclosed proxy form.

14 April 2022

TABLE OF CONTENTS

Page

DEFINITIONS..................................................... 1

LETTER FROM THE BOARD.......................................... 3

NOTICE OF ANNUAL GENERAL MEETING............................. 6

APPENDIX I

- BUSINESS OF THE ANNUAL GENERAL MEETING.... 12

APPENDIX II
- REPORT ON THE OVERALL STATUS OF

CONNECTED TRANSACTIONS OF

THE COMPANY FOR THE YEAR 2021.............. 21

DEFINITIONS

Inthis circular,unlessthe contextotherwiserequires,the following expressions havethe following meanings:

"A Share(s)"

the domestic share(s) of RMB1.00 each in the share capital of the Company which are listed on the Shanghai Stock Exchange and traded in RMB

"AGM" or "Annual General

Meeting"

"Articles of Association"

the annual general meeting of the Company to be held

o n We d n e s d a y, 2 9 J u n e 2 0 2 2 a t 1 0 : 0 0 a . m . a t Multi-function Hall, 2/F, Block A, China Life Plaza, 16 Financial Street, Xicheng District, Beijing, China the articles of association of the Company, as amended from time to time

"Board" or "Board of Directors"

"Board of Supervisors"

the board of Directors of the Company the board of Supervisors of the Company

"CBIRC"

the China Banking and Insurance Regulatory Commission

"Company"

China Life Insurance Company Limited, a joint stock limited company incorporated in the PRC with limited liability

"Directors"

the directors of the Company

"H Share(s)"

the overseas listed foreign share(s) of RMB1.00 each in the share capital of the Company which are listed on the Hong Kong Stock Exchange and traded in Hong Kong dollars

"Hong Kong"

the Hong Kong Special Administrative Region of the PRC

"Hong Kong Listing Rules"

the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited

"Hong Kong Stock Exchange"

The Stock Exchange of Hong Kong Limited

"Independent Directors" or

"Independent Non-executive Directors"

the independent non-executive Directors of the Company

DEFINITIONS
"PRC" or "China"	the People's Republic of China, and for the purpose of
this circular only, excluding Hong Kong, Macau
Special Administrative Region and Taiwan region
"RMB"	the lawful currency of the PRC
"Supervisors"	the supervisors of the Company

Note:

If there is any inconsistency between the Chinese and English versions of this circular, the Chinese version shall prevail.

LETTER FROM THE BOARD

ʕ਷ɛྪڭᎈٰ΅Ϟࠢʮ̡

CHINA LIFE INSURANCE COMPANY LIMITED

(A joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 2628)

Board of Directors:	Office Address:
Executive Directors:	16 Financial Street
Mr. Su Hengxuan, Mr. Li Mingguang,	Xicheng District
Ms. Huang Xiumei	Beijing 100033
PRC
Non-executive Directors:
Mr. Yuan Changqing, Mr. Wang Junhui	Place of Business inHongKong:
The Hong Kong Office
IndependentNon-executive Directors:	16/F, Tower A, China Life Centre
Mr. Tang Xin, Ms. Leung Oi-Sie Elsie,	One Harbour Gate
Mr. Lam Chi Kuen, Mr. Zhai Haitao	18 Hung Luen Road
Hung Hom, Kowloon
Hong Kong
Tothe shareholders
Dear Sir or Madam,
INTRODUCTION

14 April 2022

On behalf of the Board of Directors, I invite you to attend the AGM to be held on Wednesday, 29 June 2022 at 10:00 a.m. at Multi-function Hall, 2/F, Block A, China Life Plaza, 16 Financial Street, Xicheng District, Beijing, China.

The purpose of this circular is to provide you with the notice of the AGM and to provide you with the information reasonably necessary to enable you to make an informed decision on whether to vote for or against the proposed resolutions at the AGM.

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China Life Insurance Co. Ltd. published this content on 14 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2022 06:27:51 UTC.