New China Life Insurance : ADJUSTMENT OF RISK MANAGEMENT COMMITTEE

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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)

ADJUSTMENT OF RISK MANAGEMENT COMMITTEE

The board of directors (the "Board") of New China Life Insurance Company Ltd. (the "Company") hereby announces that, in accordance with the requirements of the Guiding Opinions on Banking and Insurance Institutions to Strengthen the Construction of System and Mechanism for Consumer Rights Protection (Yin Bao Jian Fa [2019] No. 38) issued by China Banking and Insurance Regulatory Commission, as considered and approved at the fifth meeting of the seventh session of the Board, it is resolved that the Risk Management Committee of the Board shall be adjusted into the Risk Management and Consumer Rights Protection Committee of the Board, adding the responsibility of protecting consumer rights in addition to its original ones.

The members of the Risk Management and Consumer Rights Protection Committee of the seventh session of the Board remain the same with the members of the original Risk Management Committee of the Board, with a term of office ending on the expiration of the term of office of the seventh session of the Board.

By Order of the Board

New China Life Insurance Company Ltd.

LIU Haoling

Chairman

Beijing, China, 19 December 2019

As at the date of this announcement, the chairman and non-executive director of the Company is LIU Haoling, the executive directors are LI Quan and LI Zongjian; the non-executive directors are XIONG Lianhua, 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.