China Life Insurance Company intends to sign a new insurance business agency agreement with China Life Insurance (Group) Company before December 31, 2024, to continue providing policy management services for non-transferable policies. The new agreement will be effective for three years, from January 1, 2025, to December 31, 2027. According to the agreement, China Life Insurance will provide various services including daily insurance business handling, customer service, and data management, with the annual service fee calculated based on the number of effective non-transferable policies and the percentage of premiums received.Under the new agreement, the annual service fee cap for each year from 2025 to 2027 is 0.503 billion RMB. As the group company holds approximately 68.37% of the issued share capital of China Life Insurance, this trade...Show More

China Life Insurance Company intends to sign a new insurance business agency agreement with China Life Insurance (Group) Company before December 31, 2024, to continue providing policy management services for non-transferable policies. The new agreement will be effective for three years, from January 1, 2025, to December 31, 2027. According to the agreement, China Life Insurance will provide various services including daily insurance business handling, customer service, and data management, with the annual service fee calculated based on the number of effective non-transferable policies and the percentage of premiums received.Under the new agreement, the annual service fee cap for each year from 2025 to 2027 is 0.503 billion RMB. As the group company holds approximately 68.37% of the issued share capital of China Life Insurance, this trade constitutes a continuing connected transaction. A percentage rate that exceeds 0.1% but is less than 5% must comply with reporting, announcement, and annual audit requirements, while being exempt from independent shareholder approval.The Board of Directors believes that this transaction can avoid competition with peers, fully utilize existing resources, enhance the company's ongoing operational capability, and align with the long-term interests of the company and its shareholders. The trade will proceed under normal business terms, being fair and reasonable, in accordance with the overall interests of the company and its shareholders.