China Life Insurance renews asset management deal, boosts property fund capital

China Life Insurance Company Limited announced the renewal of its asset management agreement with China Life Asset Management Company Limited (AMC) for a three-year term from January 1, 2026, to December 31, 2028. Under this agreement, AMC will continue to manage assets entrusted by the company, with annual caps for service fees set at RMB7,000 million, RMB7,500 million, and RMB8,000 million for the years ending December 31, 2028, respectively. These transactions constitute continuing connected transactions under Chapter 14A of the Listing Rules.

Concurrently, the company will further increase its capital contribution to the China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership by an additional RMB5,000,000,000 by December 31, 2025. This capital injection will raise the company's total contribution to RMB18,900,000,000 and is intended to fund Project INDIGO II development and other strategic projects. China Life Properties Investment Management Company Limited acts as the general partner.

Both the asset management renewal and the capital injection are categorized as continuing connected transactions given CLIC's controlling shareholding (approximately 68.37%) in the company and its indirect ownership interests in AMC and China Life Properties. These transactions are subject to reporting, announcement, and annual review requirements but are exempt from independent shareholders’ approval as applicable percentage ratios are between 0.1% and 5%.