China Life Insurance to renew key investment management agreements

China Life Insurance Company Limited (CLI) is set to renew two sets of continuing connected transactions involving asset management. The first is with China Life AMP Asset Management Co. and the second is with China Life Investment Management Company Limited (CLI). Both existing agreements expire on 31 December 2025.

The renewed agreement with AMP covers the subscription and redemption of fund products, as well as private asset management, for a term from 1 January 2026 to 31 December 2028. The annual caps for subscription and redemption of fund products are RMB2,000 million each year, and the management fee payable is RMB20 million annually. Given that the applicable percentage ratios are more than 0.1% but less than 5% for fund products, these transactions are exempt from independent shareholders’ approval.

Separately, the company proposes a "New Agreement" with CLI for entrusted investment and management of alternative investments with insurance funds, effective from 1 January 2026 to 31 December 2028. The annual caps for contractual amounts of assets newly entrusted are RMB120,000 million (2026), RMB140,000 million (2027), and RMB150,000 million (2028). Fees for investment and management services are capped at RMB1,100 million (2026), RMB1,200 million (2027), and RMB1,300 million (2028). These transactions, exceeding 5% of the latest audited net assets, require shareholder approval at an extraordinary general meeting.