China Life Insurance (02628) intends to sell its 33.73% equity interest in the pension insurance company to its controlling shareholder.

China Life Insurance (02628) announces that the company intends to enter into a company share transfer agreement with its controlling shareholder, the Group Company, before December 31, 2026, pursuant to which the company will sell to the Group Company its 33.73% equity interest in the pension insurance company for a consideration of approximately RMB 4.1464 billion; and the asset management company, a non-wholly-owned subsidiary of the company, intends to enter into an asset management company share transfer agreement with the Group Company before December 31, 2026, pursuant to which the asset management company will sell to the Group Company its 3.53% equity interest in the pension insurance company for a consideration of approximately RMB 434 million. Upon completion of the disposals (including the company disposal and the asset management company disposal), the company's equity interest in the pension insurance company will decrease from 70.74% to 37.01%, and the asset management company will no longer hold any equity interest in the pension insurance company. Accordingly, the pension insurance company will cease to be a subsidiary of the company, and its financial results will no longer be consolidated into the group's financial statements. It is understood that the pension insurance company is a nationwide professional pension financial institution that comprehensively serves the construction of the country's three-pillar pension insurance system and provides customers with pension financial products and services such as enterprise annuity fund management, occupational annuity fund management, basic pension insurance fund management, commercial pension management and pension security management. As at the date of this announcement, the pension insurance company is a non-wholly-owned subsidiary of the company, with 70.74%, 19.99%, 4.41%, 3.53% and 1.33% of its equity interest held by the company, AMP Group, the Group Company, the asset management company and China Chengxin Trust respectively. Upon completion of the disposals, the Group Company and the company will hold 41.67% and 37.01% of the equity interest in the pension insurance company respectively, and the Group Company will become the largest shareholder of the pension insurance company, which is conducive to mobilizing a broader range of internal and external resources, supporting the high-quality development of the pension insurance company, and actively cultivating new growth poles in pension finance. At the same time, by continuing to hold 37.01% equity interest in the pension insurance company, the company ranks as the second largest shareholder of the pension insurance company and will continue to participate in major decisions on the operation and management of the pension insurance company and continue to share in the future development dividends of the pension insurance company.