On February 3rd, China Life Insurance Group's overseas subsidiary convened its 2026 work conference in Hong Kong. The meeting conveyed and studied the guiding principles of China Life's 2026 work conference, reviewed the work accomplishments of 2025, and laid out the key tasks for 2026. Lin Zhaohui, Vice President of China Life Insurance Group and Chairman of the Overseas Company, attended the conference and delivered a speech, while Liu Yuejin, President of the Overseas Company, presented the 2026 work report.

Lin Zhaohui fully affirmed the Overseas Company's achievements over the past year and emphasized two key requirements for its next phase of development. First, it must carefully review and consolidate accumulated experience to strengthen confidence in its development path. Second, it needs to strategically plan for the next five years by adhering to a high-quality development direction, simultaneously advancing foundational strengthening and strategic partnerships, leveraging technology empowerment, cultivating new growth drivers based on its inherent advantages, amplifying its role as an international bridgehead, and aligning with the broader development strategy of the Group. Liu Yuejin delivered a comprehensive summary of the company's work in 2025, analyzed the current operational and development landscape, and deployed the key tasks and work requirements for 2026. The meeting highlighted that in 2025, China Life Overseas Company achieved significant progress in management upgrades and delivered outstanding results, successfully firing the "first shot" in implementing the Group's "333 Strategy," fully accomplishing the major objectives and tasks set forth in the "14th Five-Year Plan," and laying a solid foundation for comprehensively embarking on a new journey of high-quality development during the "15th Five-Year Plan" period. The company made all-out efforts to advance the "Nine Major Projects," driving a deeper transformation and upgrade with RBC at the core, and focusing on building new, stable, and profitable business models. Progress was made simultaneously on both the asset and liability sides, leading to a comprehensive optimization of the business structure. Capital constraint awareness was enhanced, significantly increasing the RBC contribution of new products. Asset allocation was continuously optimized, with strategic layouts dynamically adjusted. Digital and intelligent empowerment was promoted for asset-liability management, optimizing the monitoring and control of operational risks. An "Insurance+" ecosystem service platform was established, and the new service brand "ENRICH·盈加" was successfully launched. The meeting noted that China Life Overseas Company's performance in 2025 was impressive, with profitability reaching a new high, value creation capability substantially improved, and core competitiveness continuously strengthened. Total premium income reached HKD 49 billion, while new annualized premiums for value-based business (converted) amounted to HKD 10.5 billion, representing a year-on-year increase of 63%. The company achieved comprehensive investment income of HKD 22.15 billion for the full year, with an annualized comprehensive investment return rate of approximately 6%, an increase of 0.91 percentage points compared to the previous year.

The meeting emphasized that during the "14th Five-Year Plan" period, China Life Overseas Company underwent a fundamental transformation, withstood severe market tests, systematically innovated its previous business model, successfully managed the transition between old and new growth drivers, and explored a new path for sustainable and healthy development. Standing at a new historical starting point, the Overseas Company must scientifically chart a new blueprint for development during the "15th Five-Year Plan" period, implement the three-step plan of "Strengthening Foundations, Introducing Strategic Partnerships, and Listing," achieve the objectives of "Three Persistences and Consolidations," "Three Reforms and Improvements," and "Three Developments and Expansions," with the goal of becoming a leading Chinese-funded insurance leader in the Hong Kong market and serving as the bridgehead for China Life Group's international development. The meeting required that in 2026, the company must implement the major central government decisions and deployments according to local conditions, thoroughly study and implement the spirit of the Group's annual work conference, comprehensively advance digital and intelligent transformation, focus on the six core elements supporting the future development of China Life, improve key infrastructure, and help shape the future of China Life. Anchored to the annual operational management goals and tasks, the company should proactively take action, consolidate and enhance the positive business momentum, focus on "one goal and one core," deeply tackle twelve key tasks, continuously solidify the foundation for high-quality development, fully achieve all annual objectives and tasks, and ensure a good start and a solid first step for the "15th Five-Year Plan" period. Actively serve the national development strategy. Strive to advance digital and intelligent transformation. Focus on optimizing and expanding value creation. Dedicate efforts to strengthen investment capability building. Focus on deepening asset-liability management. Commit to advancing the development of talent teams. Work diligently to strengthen risk management and control. During the conference, advanced teams, including the Investment Management Department, the Hong Kong Branch Bancassurance Unit 1, the Macau Branch Intermediary Business Department, and the Singapore Company, shared their experiences. The conference also recognized annual advanced collectives and individuals, as well as outstanding volunteers. Directors of China Life Insurance Group and responsible persons from relevant departments, members of the Overseas Company's President's Office, members of the General Manager's Office from various subsidiaries and branches of the Overseas Company, and assistant manager-level and above personnel from the headquarters and all subsidiaries and branches attended the meeting either onsite or via video link.