PICC Property and Casualty : ANNOUNCEMENT - RESIGNATION OF VICE CHAIRMAN

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

(Stock Code: 2328)

ANNOUNCEMENT

RESIGNATION OF VICE CHAIRMAN

The board of directors (the "Board") of PICC Property and Casualty Company Limited (the "Company") announces that Mr. Xie Yiqun ("Mr. Xie") resigned as Vice Chairman of the Board with effect from 26 March 2021 due to other work arrangements. Mr. Xie has confirmed that he has no disagreement with the Board and there are no matters that need to be brought to the attention of the shareholders of the Company in connection with Mr. Xie's resignation. Mr. Xie remains as an executive director, a member of the Strategic Planning Committee and the Consumers' Rights and Interests Protection, Risk Management and Investment Decision-making Committee of the Company.

By Order of the Board

PICC Property and Casualty Company Limited

Zou Zhihong

Secretary of the Board

Beijing, the PRC, 26 March 2021

As at the date of this announcement, the Chairman of the Board is Mr. Luo Xi (non-executive director), the executive directors are Mr. Xie Yiqun and Mr. Jiang Caishi, Mr. Li Tao is a non-executive director, and the independent non-executive directors are Mr. Lin Hanchuan, Mr. Lo Chung Hing, Mr. Ma Yusheng, Mr. Chu Bende and Ms. Qu Xiaohui.