The board of directors (the ‘Board') of New China Life Insurance Company Ltd. (the ‘Company') received the resignation from Mr. LI Xianglu and Mr. ZHENG Wei, the independent non-executive directors of the Company, on 18 March 2022. Mr. LI Xianglu and Mr. ZHENG Wei have worked as independent non-executive directors for the Company for 6 consecutive years. According to relevant PRC regulatory provisions, Mr. LI Xianglu resigned from positions as an independent non-executive director, chairman of Risk Management and Consumer Rights Protection Committee, member of Audit and Related Party Transaction Control Committee and Nomination and Remuneration Committee of the Company.

Mr. ZHENG Wei resigned from positions as an independent non- executive director, chairman of Nomination and Remuneration Committee, member of Audit and Related Party Transaction Control Committee and Risk Management and Consumer Rights Protection Committee of the Company. Pursuant to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Articles of Association of New China Life Insurance Company Ltd. (the ‘Articles of Association'), the number of independent non-executive directors of the Board must represent at least one-third of the Board members, and the majority of Audit and Related Party Transaction Control Committee and Nomination and Remuneration Committee must be independent non-executive directors of the Company. Since the resignation of Mr. LI Xianglu and Mr. ZHENG Wei will result in the number of independent non-executive directors of the Board being lower than one-third and independent non-executive directors constituting a minority of Audit and Related Party Transaction Control Committee and Nomination and Remuneration Committee, which fail to comply with relevant regulations and Articles of Association.

Mr. LI Xianglu and Mr. ZHENG Wei will continue to perform the duties of independent non-executive directors, and respective duties on revelant Board Committees of the Company until the qualifications of the newly-elected independent non-executive directors are ratified by China Banking and Insurance Regulatory Commission.