CHINA LIFE INSURANCE CO LTD | CIK:0001268896 | 3

  • Filed: 4/25/2018
  • Entity registrant name: CHINA LIFE INSURANCE CO LTD (CIK: 0001268896)
  • Generator: Donnelley Financial Solutions
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1268896/000119312518130051/0001193125-18-130051-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1268896/000119312518130051/lfc-20171231.xml
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  • ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory

    37 PROVISIONS AND CONTINGENCIES

    The following is a summary of the significant contingent liabilities:

     

         As at 31
    December
    2017
    RMB million
         As at 31
    December
    2016
    RMB million
     

    Pending lawsuits

         493        588  
      

     

     

        

     

     

     

    The Group involves in certain lawsuits arising from the ordinary course of business. In order to accurately disclose the contingent liabilities for pending lawsuits, the Group analysed all pending lawsuits case by case at the end of each reporting period. A provision will only be recognised if management determines, based on third-party legal advice, that the Group has present obligations and the settlement of which is expected to result in an outflow of the Group’s resources embodying economic benefits, and the amount of such obligations could be reasonably estimated. Otherwise, the Group will disclose the pending lawsuits as contingent liabilities. As at 31 December 2017 and 2016, the Group had other contingent liabilities but disclosure of such was not practical because the amounts of liabilities could not be reliably estimated and were not material in aggregate.