Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

NEW CHINA LIFE INSURANCE COMPANY LTD.

(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 01336)

THIRD QUARTER REPORT 2021

This announcement is made by New China Life Insurance Company Ltd. (the "Company") pursuant to the provisions regarding disclosure of inside information under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial data in the Third Quarter Report 2021 of the Company have been prepared in accordance with the PRC Accounting Standards for Business Enterprises and are unaudited.

IMPORTANT INFORMATION

  • The board of directors (the "Board"), the board of supervisors and directors, supervisors and members of senior management of the Company guarantee the correctness, accuracy and completeness of the contents of this report, and that there is no false representation, misleading statement or material omission in this report, and are legally liable for this report jointly and severally.
  • Mr. LI Quan, the chief executive officer and president of the Company, Mr. YANG Zheng, the chief financial officer (financial principal) of the Company, Mr. GONG Xingfeng, the chief actuary of the Company and Mr. ZHANG Tao, the officer in charge of the accounting department of the Company guarantee the correctness, accuracy and completeness of financial statements of this report.
  • The financial statements for the third quarter of 2021 of the Company have been prepared in accordance with the PRC Accounting Standards for Business Enterprises and are unaudited.

- 1 -

§1 KEY FINANCIAL DATA

1.1 Key accounting data and financial indicators

Unit: RMB in millions

Increase/

Increase/

For the

decrease

decrease

three months

over the

For the nine

over the

ended 30

corresponding

months ended

corresponding

September

period of

30 September

period of

Items

2021

last year

2021

last year

Operating revenue

51,913

1.6%

183,988

8.4%

Net profit attributable

to shareholders of the

Company

1,408

-51.2%

11,954

7.6%

Net profit attributable

to shareholders of the

Company after deducting

non-recurring items

1,441

-50.2%

11,978

7.1%

Net cash flows from

operating activities

N/A

N/A

57,798

3.9%

Basic weighted

average earnings per

share attributable to

shareholders of the

Company (RMB)

0.45

-51.6%

3.83

7.6%

Diluted weighted

average earnings per

share attributable to

shareholders of the

Company (RMB)

0.45

-51.6%

3.83

7.6%

Weighted average return

on equity attributable

to shareholders of the

Company

1.33%

-1.79pt(1)

11.50%

-0.86pt

Note:

1. Pt represents percentage point(s) in this report.

- 2 -

Increase/

decrease as

As at 30

As at 31

compared to

September

December

the end of

2021

2020

last year

Total assets

1,061,702

1,004,376

5.7%

Equity attributable to shareholders of

the Company

104,758

101,667

3.0%

1.2 Non-recurring items and amount

Unit: RMB in millions

For the three

For the nine

months ended

months ended

30 September

30 September

Non-recurring items

2021

2021

Gains/(Losses) on disposal of non-current assets

-(1)

(3)

Custody fee from entrusted operation

10

37

Gains/(Losses) on other non-recurring items

(53)

(65)

Less: Effect on the amount of income tax expenses

10

7

Attribute to minority shareholders (after tax)

-

-

Total

(33)

(24)

Notes:

  1. "-"means less than RMB500,000.
  2. Investment business (the utilization of insurance funds) is one of the main businesses of an insurance company. The change of fair value gains or losses arising from holding or disposal of financial assets and financial liabilities and investment income are the recurring items of the Company.

- 3 -

1.3 Other key indicators

Unit: RMB in millions

As at 30

As at 31

September

December

2021/For the

2020/For the

nine months

nine months

ended 30

ended 30

September

September

2021

2020

Change

Investment assets (1)

1,018,414

965,653

5.5%

Premium income

136,562

134,355

1.6%

Premiums earned

134,882

131,421

2.6%

Growth rate of earned premiums

2.6%

24.9%

-22.3pt

Net claims expense

33,811

42,468

-20.4%

In: Claims and death, invalid and

medical benefits

9,723

7,569

28.5%

Maturity benefits and annuity paid

25,412

35,850

-29.1%

Less: Claims recoverable from

reinsurers

(1,324)

(951)

39.2%

Surrender rate (2)

1.5%

1.1%

0.4pt

Notes:

  1. Investment assets of unit-linked contracts account are included in investment assets.
  2. Surrender rate = surrenders for the reporting period/(balance of life insurance and long-term health insurance contract liabilities at the beginning of the period + premium income of long- term insurance contracts).

- 4 -

1.4 Solvency

New China Life Insurance Company Ltd. calculated and disclosed core capital, actual capital, minimum capital, core solvency margin ratio and comprehensive solvency margin ratio according to the Solvency Regulatory Rules (No. 1-17) for Insurance Companies. As required by the China Banking and Insurance Regulatory Commission, solvency margin ratios of a domestic insurance company in the PRC must meet the prescribed thresholds.

Unit: RMB in millions

As at 30

As at 30

September

June

2021

2021

Core capital

281,242

285,025

Actual capital

291,242

295,025

Minimum capital

111,151

109,401

Core solvency margin ratio (1)

253.03%

260.53%

Comprehensive solvency margin ratio (1)

262.02%

269.67%

Note:

1. Core solvency margin ratio = core capital/minimum capital; comprehensive solvency margin ratio = actual capital/minimum capital.

- 5 -

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New China Life Insurance Co. Ltd. published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 11:32:05 UTC.