China Pacific Insurance : VOLUNTARY ANNOUNCEMENT - ANNOUNCEMENT ON CHANGE OF CHAIRMAN AND GENERAL MANAGER OF A SUBSIDIARY

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CHINA PACIFIC INSURANCE (GROUP) CO., LTD.

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

(Stock Code: 02601)

VOLUNTARY ANNOUNCEMENT ANNOUNCEMENT ON CHANGE OF CHAIRMAN AND GENERAL MANAGER OF A SUBSIDIARY

This is a voluntary announcement made by the board of directors (the "Board") of China Pacific Insurance (Group) Co., Ltd. (the "Company").

China Pacific Life Insurance Co., Ltd. hereinafter referred to as ("CPIC Life"), a subsidiary of the Company, convened a board meeting and a shareholders' general meeting on 26 March 2021, at which Ms. PAN Yanhong was elected as chairman of the 7th board of directors of CPIC Life, and Mr. (John) Qiang CAI was elected as director of the 7th board of directors of CPIC Life and appointed as general manager (CEO) of CPIC Life.

According to the requirements of relevant laws and regulations, the appointment qualifications of Ms. PAN Yanhong as the chairman of CPIC Life and Mr. (John) Qiang CAI as the director and general manager of CPIC Life are subject to approval by China Banking and Insurance Regulatory Commission.

The biographical details of Ms. PAN Yanhong are set out as below:

Ms. PAN Yanhong, born in August 1969, currently serves as vice chairman and general manager of CPIC Life, and director of CPIC AMC, CPIC Health and Changjiang Pension, respectively.

Ms. PAN previously served as deputy director and director of the Finance Planning Department in the Company, deputy general manager and general manager of the Finance Planning Department, deputy CFO, executive member of the Management Committee, CFO, deputy general manager and finance manager of CPIC Life, vice president and finance manager, and executive vice president of the Company, and director of CPIC P/C.

Ms. PAN holds a master's degree and a title of senior accountant and is a Chinese Certified Public Accountant.

The biographical details of Mr. (John) Qiang CAI are set out as below:

Mr. (John) Qiang CAI, born in July 1967, a citizen of Hong Kong, China.

Mr. CAI previously served as individual life insurance agent, regional manager and regional director of AXA Group (US), individual life insurance general manager and CEO of AXA Group (Hong Kong), CEO of AIA China, regional CEO of AIA Group, and vice chairman and president of WeDoctor Group, etc.

Mr. CAI holds a bachelor's degree and the qualifications of CLU, ChFC and CFP in the United States.

By Order of the Board

China Pacific Insurance (Group) Co., Ltd.

KONG Qingwei

Chairman

Hong Kong, 27 March 2021

As at the date of this announcement, the Executive Directors of the Company are Mr. KONG Qingwei and Mr. FU Fan; the Non-executive Directors are Mr. HUANG Dinan, Mr. WANG Tayu, Mr. WU Junhao, Mr. CHEN Ran, Mr. ZHOU Donghui, Ms. LIANG Hong, Ms. LU Qiaoling and Mr. John Robert DACEY; and the Independent Non-executive Directors are Ms. LIU Xiaodan, Mr. CHEN Jizhong, Ms. LAM Tyng Yih, Elizabeth, Mr. WOO Ka Biu, Jackson, and Mr. JIANG Xuping.

* Note: The appointment qualification of Mr. John Robert DACEY is subject to approval by China Banking and Insurance Regulatory Commission.