China Life Insurance Co., Ltd.

August 2015

~ 2 ~

Disclaimer

This presentation and the presentation materials distributed herewith contain time-sensitive information on the basis of unaudited financial data and forward-looking statements. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. China Life’s actual results or developments may differ materially and adversely from those indicated by these statements as a result of various factors and uncertainties including, but not limited to (i) general economic conditions, (ii) performance of financial markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates, (viii) changes in laws and regulations, (ix) changes in the policies of central banks and/or foreign governments, (x) reorganization measures and (xi) general competitive factors. This document constitutes neither an offer nor a solicitation to purchase or sell securities or other financial products. China Life does not undertake any obligation to update or revise the statements, whether as a result of new information, future events or otherwise. The Company and its representatives assume no liability or responsibility for any damage or loss caused or alleged to be caused by or in connection with the use of the document or information contained herein.

Business Performance

~ 4 ~

8.1

78.2

2003 1H 15

Performance Highlights

Shareholders’ Equity Total Assets Net Profit

137.2

1,138.6

2003 1H 15

2.8

5.7

1H 14 1H 15

DiversifiedChannels

Dual-Core Strategy

Traditional Products &

COL

2009 - 2011 2011 ~2003 - 2009

Acquired Winterthur (07') & PCA Life (09')

Co-investment w/ CCB (10’)

Professional Mgmt. Team Joined (03’)

Total assets over 1 trillion (14’)

Unit : NT$ Billion

1st Corporate Governance Evaluation in 2015The only independent life insurance company ranked Top 5% among listed companies

~ 5 ~

2012 2013 2014 1H14 1H15

69.0

114.4

83.9

47.8 36.0

56.3

62.8

70.6

29.5 34.0

Renewal premiumFYP

Total Premium

Unit: NT$ Billion

125.3

177.2

154.5

70.077.3

~ 6 ~

1H14 1H15

1% 1%13% 10%1% 1%

12% 12%

15%7%

58%69%

Traditional** - regularTraditional** - singleForeign Currency - regularForeign Currency - singleInterest Sensitive Annuity & ULILP

1H14 1H15

2% 3%

36% 37%

2%4%3%5%

41% 24%

16%27%

Traditional** - regularTraditional** - singleForeign Currency - regularForeign Currency - singleInterest Sensitive Annuity & ULILP

Product Mix

FYP

47.8 36.0

FYPE*

* FYPE (First Year Premium Equivalent) = 10% x single & flexible premium + 20% x 2-year premium payment term +…+ 50% x 5-year premium payment term + 100% x 6-year and more premium payment term

** Traditional: incl. traditional life. interest sensitive life, health & accident

13.0 13.6Unit : NT$ Billion Unit : NT$ Billion

~ 7 ~

1H14 1H15

30% 31%

6% 6%

52% 51%

5% 5%7% 7%

GroupFinancial ServicesBancassuranceBrokerAgency

1H14 1H15

11%20%2%

3%

71% 57%

14% 17%

2% 3%

GroupFinancial ServicesBancassuranceBrokerAgency

FYP

47.8 36.0

FYPE*

• FYPE (First Year Premium Equivalent) = 10% x single & flexible premium + 20% x 2-year premium payment term +…+ 50% x 5-year premium payment term + 100% x 6-year and more premium payment term

13.0 13.6Unit : NT$ Billion

Distribution Channels

Unit : NT$ Billion

~ 8 ~

1H14 1H15

9.5 11.4

1H14 1H15

47.8

36.0

1H14 1H15

14%

32%

1H14 1H15

19%

32%

FYP VNB

Regular-paid as % of FYP VNB/FYP

Unit : NT$ BillionUnit : NT$ Billion

VNB and Margin (YoY)

~ 9 ~

1Q 14 1Q 15 2Q 15

19%24%

38%

FYP VNB

Regular-paid as % of FYP VNB/FYP

Unit : NT$ Billion Unit : NT$ Billion

VNB and Margin (QoQ)

1Q 14 1Q 15 2Q 15

28.8

15.4

20.6

1Q 14 1Q 15 2Q 15

5.4

3.5

7.9

1Q 14 1Q 15 2Q 15

16%19%

42%

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Expense Ratio

2012 2013 2014 1H 15

9.1%

7.4%

9.1%

10.6%

2012 2013 2014 1H 15

96% 98% 98% 98%91% 91% 95% 94%

13 M 25 M

Persistency Ratio

Operational Indicators

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2014/6/30 2014/12/31 2015/6/30(Unit: NT$ Billion) Amount Weight Amount Weight Amount WeightDeposits and Short-term investment 61.6 6.6% 28.4 2.8% 31.2 3.0%

Domestic Fixed Income 297.8 32.0% 293.8 29.3% 290.7 27.9%

Domestic Equity 82.1 8.8% 85.4 8.5% 92.8 8.9%

Loan 30.9 3.3% 31.1 3.1% 30.5 2.9%

Real Estate* 28.9 3.1% 30.4 3.0% 31.0 3.0%

OTC Listed Int'l Bond 2.9 0.3% 97.2 9.7% 146.1 14.0%

Overseas Equity 25.9 2.8% 38.7 3.8% 53.8 5.1%

Overseas Fixed Income 402.1 43.1% 399.2 39.8% 366.5 35.2%

Total Investments 932.2 100.0% 1,004.2 100.0% 1,042.6 100.0%

Asset Portfolio

* Since 2014, the accounting policy regarding subsequent measurement of investment properties was changed from cost model tofair value model, and 1H14 numbers were reproduced for comparison purpose

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2012 2013 2014 1H 14 1H 15

3.73%3.58% 3.48% 3.52% 3.47%

3.83% 3.96%

4.48%

3.70%

4.29%

Cost of Liability Investment Yield

Investment Spread

~ 13 ~1H 14 1H 15

3.42% 3.38%2.81% 2.90%

Pre-hedging After-hedging

Hedging Cost

Hedging Structure

FX Reserve Balance

Unit : NT$ Billion

Recurring Yield

FX Position

Currency Swap &

NDF65%

AFS11%

USD & Other

Currency24%

FX Policy 14%

FX Risk Exposure

86%

2012 2013 2014 1H 15

1.05%

0.68%

0.36%

0.66%

2012 2013 2014 1H15

1.96 2.77

5.26 4.74

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NT$ million 2013* 2014* +/- % 1H 14* 1H15 +/- %First Year Premium 114,385 83,888 -27% 47,798 35,964 -25%Total Premium 177,246 154,455 -13% 77,324 70,010 -9%

Investment Income 32,438 41,698 29% 16,751 21,697 30%

Profit before Tax 6,343 7,023 11% 2,887 6,899 139%Income Tax (344) (511) - (68) (1,187) -Net Profit 5,999 6,512 9% 2,819 5,712 103%Basic EPS 2.00 2.15 8% 0.93 1.88 102%

Total Asset 977,602 1,107,268 13% 1,031,471 1,138,649 10%Paid-in Capital 27,221 30,365 12% 27,605 30,365 10%Net worth 62,490 74,325 19% 65,634 78,203 19%ROA 0.66% 0.63%ROE 9.03% 9.52%RBC Ratio 281% 375%

Financial Highlights

* Since 2014, the accounting policy regarding subsequent measurement of investment properties was changed from cost model tofair value model, and 2013 numbers were reproduced for comparison purpose

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Corporate Social Responsibility

Shareholders

Top 5% of Taiwan-listed companies in TWSE first-ever evaluation of corporate governance

The best rating of A++ from in TWSE 12th Information Disclosure and Transparency Ranking

The Ethics and Values Committee is responsible for setting policies of ethical conducts and addressing failure to comply with the policies

Policy Holders

Launch new health insurance, long-term care and retirement products to better reflect the demographic, social and economic changes

Provide full and personalized services to fulfill policyholders’ financial and protection needs

Employees

Agree to build an environment without bias and discrimination

Employees’ benefit programs go beyond the legally mandated requirements

Retain and motivate our people and ensure them equipped with the technical and leadership skills to advance in the organization

Society

Identify public health, environment and philanthropy as the three causes of our philanthropic work

Offer microinsurance policies that protect the poor against risks of death, accident or disability at affordable cost

Establish the cross-departmental Committee on Environmental Protection in support of China Life’s environmental objectives

Policy Holders

Shareholders

Employees

Society

CCB Life Business Overview

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A total of 3 provincial branches in 2Q 2011As of 1H 2015, CCB Life expanded business scope to 16 provincial branchesCCB Life received Zhejiang branch setup approval in July 2015

CCB Life has set up branches in top 10 provinces with highest premium income in mainland China, including Jiangsu, Guangdong, Shandong, Beijing, Sichuan, Henan, Zhejiang, Hebei, Shanghai and Hubei

China Life joined equity investment in CCB Life in 2011 and provided technical supports to CCB Life’s business development. CCB Life continues its expansion plan with a total of 16+1 provincial branches, and 96 sub-branches and offices, utilizing CCB’s 6,000 bancassurance network

ZhejiangChongqingSichuan

ShaanxiHenan

Hebei

Beijing

ShandongQingdao

JiangsuShanghai

SuzhouHubei

Shenzhen

Guangdong

Fujian

Rapid Channel Expansion

Liaoning

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Remarkable Business Growth

Total Assets Total Premium Net Profit

2011 2014 1H 15

33

172

291

1H 15

Rank #132014

Rank #12

2010Rank #40

- Total premium in 1H15 surpassed the full year performance in 2014

- Online channels contributed over 20% of first year premium in 1H15

*China Life entered into a joint investment agreement with CCB in CCB Life which began operation in July 2011

Unit : RMB$ Million

2011 2014 1H 15

1,515

17,857

25,417

2011* 2014 1H 15

5,482

40,587

58,706

Market share

of gross premium

continues to

enhance

Embedded Value

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Investment Return

Risk Discount Rate10.5% (same as 2013)

2014 2013Traditional Policies Traditional Policies

Year 1 ~ Year 10 : 3.75% ~ 5.36% Year 1 ~ Year 10 : 3.75% ~ 5.14%Year 11 and after : 5.43% Year 11 and after : 5.15%

Interest Sensitive Policies* Interest Sensitive Policies*

Year 1 ~ Year 10 : 2.75% ~ 4.48% Year 1 ~ Year 10 : 2.75% ~ 4.40%Year 11 and after : 4.59% Year 11 and after : 4.50%

＊including interest-sensitive annuities & universal life policies

Economic Assumptions

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Interest Sensitive Policies

Investment Yield Assumption

Traditional Policies

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Investment Return

* 1. All financial reporting were produced based on ROC GAAP before 20112. All financial reporting were produced based on IFRS since 2012. Investment properties were evaluated by cost model in 20123.The accounting policy regarding subsequent measurement of investment properties was changed to fair value model in

2013 and 2014

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* V1NB = Value of last 12 months new business

Valuation Date 2013/12/31 2014/12/31 YoY %Adjusted Net Worth 64,477 83,607 29.7%

Value of In Force 72,895 95,892 31.5%

Cost of Capital (19,303) (20,028) 3.8%Embedded Value 118,070 159,471 35.1%# of Outstanding Shares 2,722 3,036 -EV Per Share NT$43.37 NT$52.52 21.1%V1NB (after CoC)* 16,302 17,829 9.4%

YoY Embedded Value

Unit: NT$ Million (NT$ Per Share; Million shares)

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Valuation Date:2014/12/31 All else equal except Base Case All else equal except

Solvency Basis:RBC=200% Inv. Yield Inv. Yield

Investment Yield:Traditional

3.75%~5.43%Interest Sensitive2.75%~4.59%

RDR RDR

- 0.25% + 0.25% RDR: 10.5% -0.5% +0.5%Adjusted Net

Worth 83,607 83,607 83,607 83,607 83,607

Value of In-Force 82,368 109,700 95,892 100,645 91,532

Cost of Capital (21,148) (18,923) (20,028) (19,195) (20,777)

Embedded Value 144,827 174,384 159,471 165,057 154,362

EV per share NT$47.70 NT$57.43 NT$52.52 NT$54.36 NT$50.84

Unit: NT$ Million (NT$ Per Share)

Sensitivity Analysis - VIF

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