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This announcement is made by China Life Insurance Company Limited (the “Company”) pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial data of the Company for the third quarter of 2008 are unaudited and have been prepared in accordance with generally accepted accounting principles in People’s Republic of China.

1.1 The Company’s Board of Directors, the Supervisory Committee, its Directors, Supervisors and Senior Management warrant that there are no false representations, misleading statement or material omissions in the 2008 third quarter report, and jointly and severally accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report.

1.2 Of the thirteen directors of the Company who should have attended the board meeting, ten attended in person . The Chairman and Executive Director Mr. Yang Chao, Executive Directors Mr. Wan Feng, Mr. Lin Dairen, Ms. Liu Yingqi, Non-executive Directors Mr. Miao Jianmin, Mr. Shi Guoqing, Ms. Zhuang Zuojin, Independent Non-executive Directors Mr. Long Yongtu, Mr. Ma Yongwei and Mr. Ngai Wai Fung attended the meeting. Independent Non-executive Directors Mr. Sun Shuyi and Mr. Chau Tak Hay, Mr. Cai Rang took leave and gave written authorizations to Independent Non-executive Directors Mr. Ma Yongwei, Mr. Ngai Wai Fung and Mr. Long Yongtu respectively to act as their proxies to attend and vote in the meeting.

1.3 The Company’s 2008 third quarter financial report is unaudited.

1.4 Mr. Yang Chao, Chairman of the Company, Mr. Liu Jiade, Vice President in charge of financial affairs, Ms. Shiu Wai Chung, Chief Actuary and Mr. Yang Zheng, head of the Financial Department, confirm that the financial statements in the 2008 third quarter report are true and complete.

Shareholders’ equity

(excluding minority interest)

Net assets per share attributable to

shareholders of the Company 4.68 6.02 -22.30

Net cash flows from operating activities

119,822 98.3

Net cash flows per share from operating

activities

4.24 98.3

Net profit attributable to shareholders

Basic earnings per share 0.08 0.46 -46.91

Basic earnings per share after deducting

non-recurring items – 0.47 –

Diluted earnings per share 0.08 0.46 -46.91

Return on net assets after deducting

As at 30 September 2008, investment assets of the Company were RMB888,689 million. For the

nine months ended 30 September 2008, the investment yield was 3.15% (or 4.26% if annualized, the

annualized yield = (the investment yield for the nine months ended 30 September 2008/270)×365), the

policy surrender rate was 3.76%, and the growth rate of premiums earned was 57.64%.

3

Gains/(losses) on disposal of non-current assets -1

Net non-operating income and expenses other than

those mentioned above

-77

Effect of income tax expenses 20

Total -58

The total number of shareholders at

the end of the reporting period

Number of A share holders: 320,113

Number of H share holders: 36,714

HKSCC Nominees Limited 6,916,737,309 H Shares

Richbo Investment Limited 378,358,620 H Shares

State Development and Investment Co., Ltd. 49,800,000 A Shares

China National Investment & Guaranty Co., Ltd. 40,000,000 A Shares

ICBC-Lion Stock Securities Investment Fund 30,500,000 A Shares

China Everbright Bank Co. Ltd.-Everbright Pramerica

Qualification Core Securities Investment Fund

27,057,068 A Shares

ICBC-SSE50 ETF Securities Investment Fund 23,275,291 A Shares

ICBC-Southern Carefully Chosen Securities

Investment Fund

20,498,040 A Shares

China National Nuclear Corporation 20,000,000 A Shares

China Shipping (Group) Company 20,000,000 A Shares

China International Television Corporation 20,000,000 A Shares

4

(1) Changes in key financial indicators and its reasons

Operating profit 12,803 28,909 -55.71 Significant decrease of investment

income and fair value gains/(losses)

resulting from the deep downturn of

capital market

Net profit attributable

to shareholders of the

Company

13,111 24,696 -46.91 Significant decrease of investment

income and fair value gains/(losses)

resulting from the deep downturn of

capital market

(2) Material changes in major accounting items and its reasons

Held-for-trading

financial assets

12,772 25,110 -49.14 Sale of part of held-for-trading

financial assets

Interest receivable 14,090 9,832 43.31 Increase in debt securities investment

Policy loans 8,190 5,944 37.79 Significant increase in policy loans

Debt investment project 9,250 1,200 670.83 Increase in “China Life AMC &

Tianjin Infrastructure Investment

Group Debt Investment Project”

Long-term equity

investment

8,643 6,452 33.96 Capital injection to China Life P&C

Company Limited

Benefits and claims

payable

6,395 4,059 57.55 Significant increase of insurance

business

5

Policyholder dividends

payable

36,410 64,473 -43.53 Significant decrease of investment

income and fair value gains/(losses)

as well as the decrease of unrealized

gains in available-for-sale financial

assets resulting from the deep

downturn of capital market

Reserves for long-term

health insurance

7,952 4,028 97.42 Significant increase of health insurance

business

Capital surplus reserve 58,170 97,369 -40.26 Significant decrease of unrealized

gains in available-for-sale financial

assets resulting from the deep

downturn of capital market

Gross written premiums 248,595 158,645 56.70 Significant increase of insurance

business

Unearned premium

reserves

1,806 1,234 46.35 Increase of short-term insurance

business together with the reverse of

receivable of ceded unearned premium

reserves etc.

Fair value gains/(losses) -8,006 11,145 -171.83 The unrealized losses in held-fortrading

financial assets resulting from

the deep downturn of capital market

Foreign exchange losses -1,008 -582 73.20 Continuing appreciation of RMB

Insurance reserves 130,609 51,416 154.02 Significant increase of insurance

business

6

Policyholder dividends 2,357 21,629 -89.10 Significant decrease of investment

income and fair value gains/(losses)

resulting from the deep downturn of

capital market

Brokerage and

commission fees

18,395 12,379 48.60 Significant increase of insurance

business

Impairment losses -8,730 -2,692 224.29 Impairment loss on available-for-sale

financial assets resulting from the deep

downturn of capital market

On 3 September 2008 (New York Time), the U.S. District Court for the Southern District of New

York (“New York Southern District Court”) granted the Defendants’ motion to dismiss the purported

securities class action brought against the Company and certain individuals (the “Defendants”). The

New York Southern District Court granted summary judgment dismissing the claims asserted by

purchasers who acquired the stock of the Company on the New York Stock Exchange or any other

exchange in the U.S., or Americans who purchased the Company’s stock anywhere, finding that

“there is no merit to any of these claims.” Claims by non-U.S. purchasers who acquired the stock

of the Company on The Stock Exchange of Hong Kong Limited were dismissed for lack of subject

matter jurisdiction. On 14 October 2008 (New York Time), plaintiffs filed a Notice of Appeal stating

their intention to appeal the order of New York Southern District Court granting Defendants’ motion

to dismiss the complaint to the Court of Appeals for the Second Circuit. No briefing schedule has yet

been set. The Company intends to continue vigorously defending the lawsuit.

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1. During the Company’s A shares Initial Public Offering, China Life Insurance (Group) Company,

the controlling shareholder of the Company, had undertaken that it would not, within 36 months

from the listing of the Company’s A shares, transfer or authorize others to manage any shares

of the Company that are directly or indirectly owned by it, nor would it allow the Company to

acquire such shares. During the reporting period, China Life Insurance (Group) Company has

strictly adhered to the above undertaking and has not breached the above undertaking.

2. Before the Company’s A shares Initial Public Offering (as at 30 November 2006), of the land use

rights titles injected into the Company by China Life Insurance (Group) Company, at the time

of the restructuring and establishment of the Company, formalities for change of titles have not

been completed for the land use rights in respect of 4 pieces of land with a total area of 10,421.12

square meters. Of the properties that were injected into the Company, formalities for change of

title have not been completed for 6 properties with a gross floor area of 8,639.76 square meters.

China Life Insurance (Group) Company undertook that it would, within one year from the date of

listing of the Company’s A shares, assist the Company in completing the formalities for change

of titles in respect of the 4 pieces of land and 6 properties mentioned above, failing which it will

bear any loss that may be suffered by the Company as a result of such defective titles. China Life

Insurance (Group) Company has strictly observed its undertaking. As at the end of the reporting

period, all changes of titles had been completed except for two properties and related lands of the

Shenzhen Branch of the Company. The Shenzhen Branch of the Company continues to use the

above properties and related lands and no other parties have made any challenges or presented

obstacles for the use of the properties and related lands.

3. China Life-CMG Life Assurance Company Ltd., a subsidiary of China Life Insurance (Group)

Company (“CLIC”), is a sino-foreign joint venture established on 4 July 2000 and owned as

to 51% by CLIC and as to 49% by CMG Group of Australia. The scope of operations of China

Life-CMG Life Assurance Company Ltd. is to conduct the following businesses (excluding

statutory insurance business) within the administrative district of Shanghai municipality and in

the provinces, autonomous regions and municipalities directly under the Central Government

where it has established branches: (1) insurance business such as life insurance, health insurance

and accident and casualty insurance; (2) re-insurance of the above insurance businesses. CLIC

has agreed that it will, within three years of the listing of the Company on The Stock Exchange

of Hong Kong Limited, dispose all of its interests in this joint venture to any third party or

otherwise eliminate any competition between China Life-CMG Life Assurance Company Ltd.

and the Company. The Company received written notice from CLIC that as of the end of the

reporting period, CLIC was working towards the transfer of its interest in China Life-CMG Life

Assurance Company Ltd. The Company will make timely disclosure according to the relevant

listing rule requirements of the place where the Company is listed.

8

1 600030 CITIC Securities

5,792,964 23 143 N/A Held-for-trading financial assets

617,436,023 5,459 15,288 N/A Available-for-sale financial assets

2 600016 CMBC

233,496,562 748 1,205 N/A Held-for-trading financial assets

928,200,000 5,448 4,790 10,581 Available-for-sale financial assets

3 160706 Harvest 300 Fund

114,459,102 124 66 N/A Held-for-trading financial assets

4,953,113,079 2,713 2,858 N/A Available-for-sale financial assets

4

601398

ICBC

568,769,243 2,201 2,474 N/A Available-for-sale financial assets

HK1398 41,725,000 211 168 N/A Available-for-sale financial assets

5

601939

CCB

460,018,751 2,996 2,176 N/A Available-for-sale financial assets

HK0939 5,615,000 35 25 N/A Available-for-sale financial assets

6

601088

China Shenhua

55,173,499 2,081 1,511 N/A Available-for-sale financial assets

HK1088 2,191,500 71 36 N/A Available-for-sale financial assets

7 601006 Daqin Railway 113,263,273 808 1,461 N/A Available-for-sale financial assets

8 050002 Bosera Yufu Fund

6,881,768 8 4 N/A Held-for-trading financial assets

2,061,855,670 1,200 1,282 N/A Available-for-sale financial assets

9 110003 Efund SSE50 Fund

47,842,435 53 33 N/A Held-for-trading financial assets

1,766,300,703 1,200 1,201 N/A Available-for-sale financial assets

10 519300

Da Cheng SHSZ300

Fund

40,887,836 54 31 N/A Held-for-trading financial assets

1,244,515,781 1,000 941 N/A Available-for-sale financial assets

Total – 26,433 35,693 – –

9

By Order of the Board of

As at the date of this announcement, the Board of Directors of the Company comprises:

Chau Tak Hay, Cai Rang, Ngai Wai Fung

Hong Kong, 27 October 2008

10

Cash and cash equivalents 30,516 25,317 30,369 24,808

Held-for-trading financial assets 12,772 25,110 12,196 24,844

Securities purchased under

agreements to resell 1,985 5,053 1,985 4,673

Interest receivables 14,090 9,832 14,043 9,822

Premiums receivables 8,192 6,218 8,192 6,218

Receivable from reinsurers 166 72 166 72

Unearned premium reserves

receivable from reinsurers 59 474 59 474

Claim reserves receivable from reinsurers 19 167 19 167

Reserves for long-term health insurance

receivables from reinsurers 662 658 662 658

Policy loans 8,190 5,944 8,190 5,944

Debt plan investments 9,250 1,200 9,200 1,200

Other receivables 3,192 1,748 3,147 1,717

Term deposits 192,642 168,594 192,642 168,594

Available-for-sale financial assets 416,036 417,513 413,585 416,679

Held-to-maturity investments 211,145 195,703 211,145 195,703

Long-term equity investments 8,643 6,452 11,428 7,382

Statutory deposits 6,153 5,773 5,653 5,653

Fixed assets 15,665 15,332 15,331 14,988

Intangible assets 2,657 2,660 2,648 2,653

Deferred tax assets 2,997 – 2,959 –

Other assets 1,387 784 1,387 784

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department

11

Assets sold under agreements to repurchase 5,100 100 5,100 100

Premiums received in advance 1,385 2,201 1,385 2,201

Brokerage and commission payable 1,231 1,134 1,231 1,131

Due to reinsurers 37 12 37 12

Salary and welfare payable 2,211 3,263 2,146 3,145

Taxes payable 1,470 9,051 1,443 8,990

Claims payable 6,395 4,059 6,395 4,059

Policyholder dividends payable 36,410 64,473 36,410 64,473

Other payables 1,999 3,173 2,020 3,145

Policyholder deposits and insurance

agency liabilities 1,780 1,944 1,780 1,944

Unearned premium reserves 7,510 6,119 7,510 6,119

Claim reserves 2,402 2,391 2,402 2,391

Reserves for life insurance 736,069 607,363 736,069 607,363

Reserves for long-term health insurance 7,952 4,028 7,952 4,028

Deferred tax liabilities – 13,024 – 12,981

Other liabilities 1,229 1,180 1,229 1,180

Share capital 28,265 28,265 28,265 28,265

Capital reserves 58,170 97,369 58,249 97,297

Surplus reserves 9,280 6,488 9,232 6,440

General risk reserves 2,792 2,792 2,792 2,792

Retained earnings 33,747 35,299 33,359 34,977

Minority interests 984 876

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department

12

Earned premiums 247,139 156,772 247,139 156,772

Premiums income 248,595 158,645 248,595 158,645

Including: reinsurance premium income – 4 – 4

Less: premium ceded to reinsurers 350 (639) 350 (639)

Unearned premium reserves (1,806) (1,234) (1,806) (1,234)

Investment income 45,319 54,114 45,253 53,866

Including: income from associates 637 359 637 359

Fair value gains/(losses) (8,006) 11,145 (7,900) 11,125

Foreign exchange losses (1,008) (582) (1,004) (580)

Other operating income 1,501 1,370 1,234 1,288

Surrenders (31,942) (33,953) (31,942) (33,953)

Claims paid (66,967) (58,763) (66,967) (58,763)

Less: claims recoverable from reinsurers 45 363 45 363

Insurance reserves (130,609) (51,416) (130,609) (51,416)

Less: insurance reserves recoverable

from reinsurers (144) (51) (144) (51)

Policyholder dividends (2,357) (21,629) (2,357) (21,629)

Reinsurance expenses – (4) – (4)

Business tax and surcharges (898) (1,777) (865) (1,757)

Brokerage and commission fees (18,395) (12,379) (18,395) (12,379)

Administrative expenses (11,284) (10,889) (11,107) (10,780)

Less: Expenses recoverable from reinsurers (58) 72 (58) 72

Other operating expenses (803) (792) (1,070) (1,026)

Impairment losses (8,730) (2,692) (8,730) (2,692)

Add: Non-operating income 20 24 20 24

Less: Non-operating expenses (98) (34) (94) (34)

Less: Income tax expenses 535 (4,044) 596 (3,931)

– shareholders of the Company 13,111 24,696

– minority interests 149 159

Basic earnings per share 0.46 0.87

Diluted earnings per share 0.46 0.87

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department

13

Earned premiums 65,694 36,196 65,694 36,196

Premiums income 66,532 37,314 66,532 37,314

Including: reinsurance premium income – – – –

Less: premium ceded to reinsurers (32) (244) (32) (244)

Unearned premium reserves (806) (874) (806) (874)

Investment income 11,124 19,693 11,257 19,665

Including: income from associates 83 38 83 38

Fair value gains/(losses) (240) 4,686 (215) 4,676

Foreign exchange losses (28) (192) (28) (191)

Other operating income 423 428 373 397

Surrenders (8,416) (12,469) (8,416) (12,469)

Claims paid (14,655) (9,282) (14,655) (9,282)

Less: claims recoverable from reinsurers 15 123 15 123

Insurance reserve (38,386) (11,714) (38,386) (11,714)

Less: insurance reserves recoverable from reinsurers – 4 – 4

Policyholder dividends (217) (9,233) (217) (9,233)

Reinsurance expenses – – – –

Business tax and surcharges (141) (570) (134) (564)

Brokerage and commission fees (5,554) (3,511) (5,554) (3,511)

Administrative expenses (3,562) (4,167) (3,508) (4,131)

Less: Expenses recoverable from reinsurers 12 (27) 12 (27)

Other operating expenses (378) (548) (451) (621)

Impairment losses (3,103) (443) (3,103) (443)

Add: Non-operating income 10 15 10 16

Less: Non-operating expenses (58) (14) (58) (14)

Less: Income tax expenses (184) (1,116) (168) (1,050)

– shareholders of the Company 2,339 7,823

– minority interests 17 36

Basic earnings per share 0.08 0.27

Diluted earnings per share 0.08 0.27

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department

14

Premium received 245,667 155,978 245,667 155,978

Net cash from reinsurance business 269 (19) 269 (19)

Net increase in policyholder investments – 253 – 253

Net cash from held-for-trading financial assets 19,350 22,324 19,659 22,573

Cash received from other operating activities 3,876 1,210 1,530 850

Cash paid for claims (96,557) (91,868) (96,557) (91,868)

Net decrease in policyholder investments (50) – (50) –

Cash paid for brokerage and commission fees (18,298) (12,511) (18,295) (12,511)

Cash paid for policyholder dividends (7,697) (3,883) (7,697) (3,883)

Cash paid to and for employees (7,026) (4,419) (6,286) (4,330)

Cash paid for taxes and surcharges (9,865) (2,688) (9,741) (2,520)

Cash paid for other operating activities (9,847) (3,952) (8,487) (4,163)

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department

15

Cash received from sales

and redemption of investments 80,169 57,602 78,508 54,629

Cash received from investment income 38,942 26,059 38,843 25,766

Net cash received from disposals of fi xed assets,

intangible assets and other long-term assets 109 35 109 33

Net cash from securities purchased

under agreements to resell 2,977 – 2,774 –

Cash paid for acquisition of investments (224,926) (149,090) (222,913) (146,169)

Net increase in policy loans (2,014) (2,509) (2,014) (2,509)

Cash paid for acquisition of fixed assets,

intangible assets and other long-term assets (1,719) (1,900) (1,700) (1,871)

Net cash paid for securities purchased under

agreements to resell – (20,287) – (20,149)

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department

16

Cash received from capital contributions – 29 – –

Net proceeds from investment in securities

sold under agreements to repurchase 4,664 44,291 4,666 43,965

Cash paid for dividends and interest (11,967) (3,999) (11,871) (3,957)

Add: Opening balance of cash and

cash equivalents 25,317 50,213 24,808 49,735

Chairman Vice President in charge of Chief Actuary Head of

accounting affairs Financial Department