New China Life Insurance : ANNOUNCEMENT ON ESTIMATED INCREASE IN THE 2019 ANNUAL RESULTS

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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)

ANNOUNCEMENT ON ESTIMATED INCREASE IN

THE 2019 ANNUAL RESULTS

This announcement is made by the Company pursuant to the inside information provisions under Part XIVA of the SFO and Rules 13.09 and 13.10B of the Listing Rules.

Based on the Company's preliminary estimates and calculations, it is estimated that the net profit attributable to the shareholders of the Company for 2019 would increase by approximately RMB6,338 million, representing an increase of approximately 80% as compared to the same period in 2018; and the net profit attributable to the shareholders of the Company after deducting the non-recurring profit and loss for 2019 would increase by approximately RMB4,781 million, representing an increase of approximately 60% as compared to the same period in 2018. The Company's preliminary financial estimates of 2019 as contained in this announcement are unaudited. Detailed and accurate financial information will be officially disclosed in the annual results announcement 2019 of the Company.

Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

This announcement is made by New China Life Insurance Company Ltd. (the "Company") pursuant to provisions regarding disclosure of inside information under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the "SFO") and Rules 13.09 and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").

1. ESTIMATED RESULTS DURING THIS PERIOD
   1. Period of estimated results: 1 January 2019 to 31 December 2019 (both days inclusive).

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1. Estimated results: Based on the Company's preliminary estimates and calculations, it is estimated that the net profit attributable to the shareholders of the Company for 2019 would increase by approximately RMB6,338 million, representing an increase of approximately 80% as compared to the same period in 2018; and the net profit attributable to the shareholders of the Company after deducting the non-recurring profit and loss for 2019 would increase by approximately RMB4,781 million, representing an increase of approximately 60% as compared to the same period in 2018.
2. The estimated results are unaudited.

II. RESULTS FOR THE SAME PERIOD OF 2018

1. Net profit attributable to the shareholders of the Company: RMB7,922 million; net profit attributable to the shareholders of the Company after deducting the non-recurring profit and loss: RMB7,969 million.
2. Earnings per share (basic and diluted): RMB2.54.

1. REASONS FOR THE ESTIMATED INCREASE IN RESULTS DURING THIS PERIOD
   The estimated increase in the annual results 2019 is primarily attributable to the impact of the Announcement on the Pre-taxDeduction Policy for the Commission and Brokerage Expenses of Insurance Enterprises《關於保險企業手續費及佣金支出稅前扣除政策的公告》(Notice of the Ministry of Finance and the State Administration of Taxation No. 72, 2019), and the steady increase in the overall profitability of the Company's insurance business. The Company recorded the one-off adjustment of current profits and losses incurred by the new tax policy on the settlement and payment of enterprise income tax for the year 2018 as non-recurring profits and losses.

IV. RISK ALERTS

There are no material uncertain factors of the Company that might affect the accuracy of the estimated annual results.

1. OTHER RELATED INFORMATION
   The above estimated annual results 2019 of the Company are based on the Company's preliminary estimates and calculations. Detailed and accurate financial information will be officially disclosed in the annual results announcement 2019 of the Company.

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Shareholders of the Company and potential investors are advised to exercise caution when dealing in the shares of the Company.

By Order of the Board

New China Life Insurance Company Ltd.

LIU Haoling

Chairman

Beijing, China, 2 February 2020

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.

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