The board of directors of New China Life Insurance Company Ltd. received the resignation letter from Mr. LI Quan, the chairman of the Company, on 22 August 2023. Mr. LI Quan hereby resignation from his positions as the chairman, executive director, chief executive officer, chairman of the Strategy Committee, member of the Investment Committee and the Risk Management and Consumer Rights Protection Committee of the Board, and all other positions in the Company due to his age. The resignation of Mr. LI Quan was effective upon delivery of the resignation letter to the Board.

According to relevant laws and regulations, his resignation will not result in the number of Board members being lower than legal minimum. Nor will his resignation affect the normal operation of the Board. Mr. LI Quan 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. LI Quan was diligent and conscientious in performing his duties.