The People's Insurance Company (Group) of China Limited announce that Mr. Wang Pengcheng ("Mr. Wang") has obtained the approval of his qualification as an independent non-executive Director of the Company from National Administration of Financial Regulation (former CBIRC). The aforementioned appointment took effect from 28 August 2023, and the retirement of Mr. Chen Wuzhao ("Mr. Chen") as an independent non-executive Director of the Company also took effect from the same day. The appointment of Mr. Wang as the chairman of the Audit Committee, and a member of each of the Nomination and Remuneration Committee and the Related Party Transactions Control Committee of the Board of the Company also took effect from 28 August 2023.

As the appointment of Mr. Wang has become effective, Mr. Chen has retired as an independent non- executive Director of the Company and the chairman of the Audit Committee, a member of each of the Nomination and Remuneration Committee and the Related Party Transactions Control Committee of the Board. Mr. Chen has confirmed that he has no disagreement with the Board and that there is no matter relating to his retirement or other matters that need to be brought to the attention of The Stock Exchange of Hong Kong Limited and the Company's other Directors, Shareholders, creditors and the insured under the Company's insurance.