Stable Outlook of China Life Insurance Singapore – Moody's has assigned IFSR of A3 to China Life Insurance Singapore

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Hong Kong, November 18, 2022 -- Moody's Investors Service (Moody's) has assigned insurance financial strength ratings (IFSR) of A3 to China Life Insurance (Singapore) Pte. Ltd. (China Life Singapore). The outlook is stable. This is the first time that Moody's has assigned a rating to China Life Singapore.

Established in 2015, China Life Insurance (Singapore) Pte. Ltd. is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company ("China Life") which is the largest state-owned financial insurance corporation in China, China Life Singapore is backed by its financial strength and established heritage^. For 20 consecutive years, China Life is a Fortune Global 500 company, ranking 40 in 2022. It is an influential global brand with a brand value of RMB 452.539 billion*.

China Life Singapore's A3 IFSRs reflect the strong parental support the insurer receives, which enhances its brand recognition and financial flexibility, solid capital buffer and liquid investment book. The support uplift considers the shared branding, infrastructure support and the appointment of key management personnel by the group, as well as China Life Singapore's strategic importance to the group in terms of its overseas expansion. China Life Singapore's investments are very liquid and its solvency ratio remained solid at above 270% as of the end of December 2021, under Singapore's risk-based capital 2 (RBC 2) framework. China Life Singapore provides a wide range of life insurance products, including endowment insurance, participating insurance, annuity, and health and accident insurance. On 19 Nov 2020, the insurer launched a campaign to develop its agency channel, aiming to diversify its distribution reach and improve its profitability. The stable outlook reflects Moody's expectation that the insurer will maintain an adequate capital buffer while expanding its operating scale and improving its profitability in the next 12-18 months. Moody's also expects the insurer will receive support from China Life Overseas and China Life Group, in times of stress.

Moody's rating fully affirms China Life Singapore's solid steps since its establishment in 2015, and endorses China Life's brand strength with IFSR of A3 and stable outlook. Looking ahead, China Life Singapore will, under the guidance of a clear and rational business planning strategy, build a premium life insurance company based in Singapore and radiate Southeast Asia with a forward-looking, advanced and high-quality corporate governance structure.

^ Note: The Fortune Global 500 ranking was accorded to our strong ultimate parent company, China Life Insurance (Group) Company. The Moody’s and Standard & Poor’s credit ratings were accorded to China Life Insurance (Overseas) Company Limited, our parent company.

* Source: Top 500 Most Valuable Chinese Brands 2022 by World Brand Lab