Summary by Moomoo AI
China Life Insurance Co., Ltd. (“China Life”) announced on 26 April 2024 that it will make changes to its accounting policy in accordance with the new financial instruments and insurance contract accounting guidelines issued by the Ministry of Finance of China. The change will affect the financial report for the fiscal year beginning January 1, 2024, which is expected to increase the initial net worth by approximately RMB170 billion. The policy change has been approved by the Company's Board of Directors, Board of Directors and Audit Committee. The new policy will change the measurement classification of financial assets, the way in which the depreciation of financial assets is calculated, and the initial measurement of insurance contract liabilities, etc. The Company states that this change complies with relevant laws and regulations and will not prejudice the interests of the Company and all shareholders.