The board of directors of New China Life Insurance Company Ltd. received the resignation letter from Mr. XU Zhibin, the chairman of the Company, on 26 September 2022. Mr. XU Zhibin hereby resigned from his positions as the chairman, non-executive director and chairman of Strategy Committee of the Board of the Company due to work related reasons. The resignation of Mr. XU Zhibin was effective upon delivery of the resignation letter to the Board of the Company.

His resignation will not affect the normal operation of the Board of the Company. Mr. XU Zhibin has confirmed that he had no disagreement with the Board, nor was there any matter that needed to be brought to the attention of the shareholders of the Company. During his term of office at the Company, Mr. XU Zhibin was diligent and conscientious in performing his duties.

The Board would like to express its sincere gratitude to Mr. XU Zhibin for his contribution. Since Mr. XU Zhibin resigned from his position as the chairman of the seventh session of the Board, pursuant to the requirements of Articles of Association of New China Life Insurance Company Ltd. (the "Articles of Association"), the Board of the Company shall have one chairman who shall be elected by a majority of all directors. On 26 September 2022, the 35th meeting of the seventh session of the Board resolved that Mr. LI Quan was elected as the chairman of the seventh session of the Board of the Company.

The appointment as chairman of Mr. LI Quan shall become effective from the date of qualification ratification by the China Banking and Insurance Regulatory Commission (the "CBIRC"). During the period from the date of the Board resolution to the date of receiving the qualification approval by the CBIRC, the Board elected Mr. LI Quan to perform the obligations as acting chairman. The Board hereby announced that, as considered and approved at the 35th meeting of the seventh session of the Board held on 26 September 2022, Mr. ZHANG Hong, the executive director of the Company, is appointed as the president of the Company, subject to the approval of his qualification by the CBIRC.

Mr. LI Quan no longer acted as president of the Company. Please refer to the 2021 annual report of the Company for the biographical details and other relevant information of Mr. ZHANG Hong. As of the date of this announcement, there has been no change of such information.