New China Life Insurance : POLL RESULTS OF THE SECOND EXTRAORDINARY GENERAL MEETING OF 2021 APPOINTMENT OF EXECUTIVE DIRECTOR AND APPOINTMENT OF SHAREHOLDER REPRESENTATIVE SUPERVISORS

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NEW CHINA LIFE INSURANCE COMPANY LTD.

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

(Stock Code: 01336)

POLL RESULTS OF THE SECOND EXTRAORDINARY

GENERAL MEETING OF 2021

APPOINTMENT OF EXECUTIVE DIRECTOR

AND

APPOINTMENT OF SHAREHOLDER REPRESENTATIVE SUPERVISORS

CONVENING AND ATTENDANCE OF THE MEETING

The second extraordinary general meeting of 2021 (the "Meeting") of New China Life Insurance Company Ltd. (the "Company") was held by way of a physical meeting at 10:00 a.m. on Wednesday, 28 April 2021 at 21/F, NCI Tower, A12 Jianguomenwai Avenue, Chaoyang District, Beijing, the PRC.

The Meeting was convened by the board of directors (the "Board") of the Company and adopted both on-site voting and, for the A share shareholders only, online voting. Upon nomination by more than half of the directors, the Meeting was presided over by Mr. LI Quan, the director of the Company. Computershare Hong Kong Investor Services Limited, the Company's H share registrar, was appointed by the Company as the scrutineer for the Meeting.

The convening of the Meeting was in compliance with the requirements of the Company Law of the People's Republic of China (the "Company Law") and other applicable laws and regulations of the PRC, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") and the Articles of Association of New China Life Insurance Company Ltd. (the "Articles of Association"). 11 of the 12 directors, 4 of the 4 supervisors and the board secretary of the Company were present at the Meeting. Certain members of the senior management of the Company also attended the Meeting.

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The total number of issued shares of the Company as at the date of the Meeting was 3,119,546,600 shares, of which the A shares and the H shares were 2,085,439,340 shares and 1,034,107,260 shares respectively, which was the total number of eligible shares that entitled the shareholders of the Company (the "Shareholders") to attend and vote for or against or abstain from voting at the Meeting.

To the best knowledge, information and belief of the directors of the Company, there was no restriction on any Shareholders casting votes on any of the proposed resolution at the Meeting. There were no shares entitling the Shareholders to attend the Meeting but abstain from voting in favour of the resolution in accordance with Rule 13.40 of the Listing Rules. No Shareholders were required under the Listing Rules to abstain from voting on any resolution at the Meeting.

Details about the attendance of the Shareholders and their authorized proxies at the Meeting are set out as follows:

CONSIDERATION OF THE PROPOSAL

The voting results in respect of the proposed resolutions at the Meeting are set out as follows:

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As more than half of the votes were cast in favor of the proposals, the proposals aforementioned were duly passed as ordinary resolutions.

Please refer to the circular of the Meeting of the Company dated 8 April 2021 (the "Circular") for the full text of the proposals.

APPOINTMENT OF EXECUTIVE DIRECTOR

The Proposal on the Election of Mr. ZHANG Hong as an Executive Director of the Seventh Session of the Board of the Company was approved by the Shareholders at the Meeting. Mr. ZHANG Hong will enter into a service contract with the Company. According to relevant laws and regulations of the PRC, his term of office as a Director will commence from the date of ratification from the regulatory authorities and end on the expiration of the term of the seventh session of the Board. Mr. ZHANG Hong will not receive any director's emoluments from the Company but will receive corresponding remuneration in accordance with his specific management position in the Company. The Proposal on the Standard of the Remuneration of the Executive Director and Vice President of the Company was duly passed by the Shareholders at the Meeting. It is proposed that the targeted annual remuneration for Mr. ZHANG Hong, the proposed executive Director and vice president (principal level) of the Company, is RMB4.64 million (before tax).

The biographical details of Mr. ZHANG Hong are set out as follows:

Mr. ZHANG Hong was born in September 1964 with Chinese nationality. Mr. Zhang has been the deputy secretary of Party Committee (principal level) of the Company since September 2019. Mr. Zhang worked as a member of Party Committee, deputy general manager, deputy secretary of Party Committee, vice president, executive director, president, chairman of board of supervisors of China Reinsurance (Group) Corporation (a company listed on the HKEX; Stock Code: 01508). He also

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served as the chairman of China Life Reinsurance Company Ltd., general manager, chairman of China Property & Casualty Reinsurance Company Ltd., director of China Continent Property & Casualty Insurance Company Ltd. and China Reinsurance Asset Management Co., Ltd., chairman of China Nuclear Insurance Pool. Mr. Zhang worked in the People's Insurance Company of China and China Insurance (UK) Co., Ltd. Mr. Zhang obtained a bachelor's degree of arts in English from University of International Relations and was accredited as an economist.

Save as disclosed above, as at the date of this announcement, Mr. ZHANG Hong does not have any other major appointment or professional qualification, nor does he hold any other position within the Company or its subsidiaries or any directorship in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the past three years prior to the date of this announcement. Nor does he have any relationship with any Director, Supervisor, senior management, substantial or controlling Shareholder of the Company.

As at the date of this announcement, to the knowledge and belief of the Directors, Mr. ZHANG Hong does not have any interests in the securities of the Company (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)).

Mr. ZHANG Hong has confirmed that there is no other matter relating to his proposed appointment that needs to be brought to the attention of the Shareholders, nor is there any other information that needs to be disclosed pursuant to any of the requirements of Rules 13.51(2)(h) to (v) of the Hong Kong Listing Rules.

APPOINTMENT OF SHAREHOLDER REPRESENTATIVE SUPERVISORS

The Proposal on the Election of Mr. LIU Debin as a Shareholder Representative Supervisor of the Seventh Session of the Board of Supervisors of the Company and the Proposal on the Election of Mr. SHI Hongyu as a Shareholder Representative Supervisor of the Seventh Session of the Board of Supervisors of the Company were approved by the Shareholders on the Meeting. Mr. LIU Debin and Mr. SHI Hongyu will enter into a respective service contract with the Company. According to relevant laws and regulations of the PRC, the term of office as Supervisors of Mr. LIU Debin and Mr. SHI Hongyu will commence from the date of ratification from the regulatory authorities and end on the expiration of the term of the seventh session of the Board of Supervisors. The remuneration of Mr. LIU Debin will be disclosed when it is determined. Mr. SHI Hongyu will not receive any emoluments from the Company.

The biographical details of Mr. LIU Debin are set out as follows:

Mr. LIU Debin was born in August 1967 with Chinese nationality. Mr. Liu is currently a member of Party Committee and chief accountant of Sinosteel Group Corporation Limited, a member of standing committee of Party Committee and chief accountant of Sinosteel Corporation Limited (中國中鋼股份 有限公司) ("Sinosteel Corporation") and chairman of board of directors of Sinosteel Futures Co., Ltd. Mr. Liu has worked for Sinosteel Group Corporation ("Sinosteel Group") and its subsidiaries since January 1995. He served successively as the deputy general manager of assets and finance

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department of Sinosteel Group, the deputy general manager of assets and finance department of Sinosteel Corporation, the general manager of assets and finance department of Sinosteel Group, and the deputy chief accountant of Sinosteel Corporation, a member of Party Committee of Sinosteel Group, a member of standing committee of Party Committee and chief accountant of Sinosteel Corporation. He served concurrently as secretary of Party Committee and executive director of Sinosteel Deyuan Holding Company Limited (中鋼德遠控股有限公司) from April 2018 to July 2018; he also served as secretary of Party Committee and executive director of Sinosteel Trade Holding Company Limited (中國國貿控股有限公司) from July 2018 to November 2019. Prior to that, Mr. Liu worked for The Third Construction Co., Ltd of China Construction First Group（中建一 局三公司）and China Metallurgical Import & Export Corporation (中國冶金進出口總公司). Mr. Liu obtained his bachelor's degree in computer software from the department of computer engineering and science of Tianjin University in July 1989, and received his master's degree in business administration from University of Science and Technology Beijing in January 2008. Mr. Liu holds the title of senior accountant.

The biographical details of Mr. SHI Hongyu are set out as follows:

Mr. SHI Hongyu was born in June 1984 with Chinese nationality. Mr. Shi is the deputy chief growth officer, general manager of product and science innovation center, co-general manager of staff ecology development department of Shanghai Fosun High-tech (Group) Co., Ltd. Mr. Shi joined in Fosun Group in 2019. Before that, Mr. Shi served as the general manager of innovation and development department/internet finance department of SAIC Finance Corporation Limited（上海汽 車集團財務有限責任公司）from February 2017 to September 2019, the assistant to division head of consumer and micro finance department of head office of Shanghai Pudong Development Bank from October 2010 to February 2017, the senior product manager of retail credit department of China Merchant Bank Shanghai Branch from January 2009 to September 2010 and the chief risk officer of SAIC-GMAC Automotive Finance Co., Ltd. from July 2006 to December 2008. In 2006, Mr. Shi obtained a bachelor's degree in law from East China University of Political Science and Law, and a master's degree in laws from East China University of Political Science and Law in 2014.

Save as disclosed above, as at the date of this announcement, Mr. LIU Debin and Mr. SHI Hongyu do not have any other major appointment or professional qualification, nor do they hold any other position within the Company or its subsidiaries or any directorship in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas in the past three years prior to the date of this announcement. Nor do they have any relationship with any Director, Supervisor, senior management, substantial or controlling Shareholder of the Company.

As at the date of this announcement, to the knowledge and belief of the Directors, Mr. LIU Debin and Mr. SHI Hongyu do not have any interests in the securities of the Company (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)).

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Mr. LIU Debin and Mr. SHI Hongyu have confirmed that there is no other matter relating to their proposed appointment that needs to be brought to the attention of the Shareholders, nor is there any other information that needs to be disclosed pursuant to any of the requirements of Rules 13.51(2)(h) to (v) of the Hong Kong Listing Rules.

WITNESS BY SOLICITORS

The Company engaged Commerce & Finance Law Offices in Beijing to certify the Meeting. Commerce & Finance Law Offices in Beijing appointed solicitor Mr. WU Gang and Ms. YANG Min to attend the Meeting and issued the legal opinion stating that the convening of the Meeting, the qualifications of the Shareholders and their authorized proxies who attended the Meeting, the qualifications of the convener, the voting process and the voting result of the proposal as well as other relevant matters were all in compliance with the requirements of applicable PRC laws and regulations such as the Company Law and the Articles of Association. The resolutions passed at the Meeting were legal and valid.

By Order of the Board

New China Life Insurance Company Ltd.

LI Quan

Executive Director

Beijing, China, 28 April 2021

As at the date of this announcement, the executive director of the Company is LI Quan; the non- executive directors are YANG Yi, GUO Ruixiang, HU Aimin, LI Qiqiang, PENG Yulong and Edouard SCHMID; and the independent non-executive directors are LI Xianglu, ZHENG Wei, CHENG Lie, GENG Jianxin and MA Yiu Tim.

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