New China Life Insurance Company Ltd. announced references are made to the announcements of the company dated 26 September 2022, 11 November 2022 and 29 January 2023 and the circular of the company dated 10 October 2022, in relation to the election of Mr. LI Quan as an executive director and chairman of the board of directors of the company, as well as the appointment of Mr. ZHANG Hong as president of the company. The company announced that it has recently received the Ratification of Qualification of LI Quan of New China Life Insurance Company Ltd. (Yin Bao Jian Fu [2023] No. 204) and the Ratification of Qualification of ZHANG Hong of New China Life Insurance Company Ltd. (Yin Bao Jian Fu [2023] No.

202) issued by the China Banking and Insurance Regulatory Commission (the CBIRC), according to which, the CBIRC ratified the qualifications of Mr. LI Quan as chairman of the company and Mr. ZHANG Hong as president of the Company. The terms of office of Mr. LI Quan as the chairman of the Company and Mr. ZHANG Hong as the president of the Company shall commence on 10 April 2023 and 11 April 2023, respectively. Mr. LI Quan, aged 59, Chinese.

Mr. LI Quan has been the chairman of the Company since April 2023. Mr. Li has been the executive director of the Company since November 2019, and chief executive officer of the Company since August 2019. And he is also the chairman of the board of directors of New China Asset Management Co.

Ltd. (the Asset Management Company), New China Asset Management (Hong Kong) Limited and New China Pension Co. Ltd. Mr. Li served as the president of the Company from August 2019 to April 2023 and served as the temporary responsible person of the Company from June to August 2019. He served as president of Asset Management Company from March 2010 to September 2019 and the vice chairman of the board of directors of Asset Management Company from December 2016 to September 2019.

Mr. Li successively served as inspector general, deputy general manager, executive deputy general manager and deputy secretary of Party Committee of Bosera Asset Management Co. Ltd. from May 1998 to March 2010, and he also successively worked as general manager of fund department as well as assistant to general manager in Chia Tai International Finance Company Limited from January 1991 to April 1998. From July 1988 to December 1990, he served as business manager of banking department of China Rural Trust and Investment Corporation.

Mr. Li obtained his master's degree in economics from Graduate School of People's Bank of China with a major in monetary banking in 1988. Mr. ZHANG Hong, aged 58, Chinese. Mr. ZHANG Hong has been the president of the Company since April 2023.

Mr. Zhang has been the executive director of the Company since June 2021, and deputy secretary of Party Committee (principal level) of the Company since September 2019. Mr. Zhang is also the chairman of the board of directors of New China Life Excellent Health Investment Management Co. Ltd. and director of Asset Management Company.

Mr. Zhang served as the vice president (principal level) of the Company from June 2021 to April 2023, and he served as the executive director, president, chairman of the board of supervisors of China Reinsurance (Group) Corporation, the chairman of the board of directors of China Life Reinsurance Company Ltd., general manager and chairman of the board of directors of China Property & Casualty Reinsurance Company Ltd., director of China Continent Property & Casualty Insurance Company Ltd. and China Reinsurance Asset Management Co. Ltd., chairman of China Nuclear Insurance Pool. Mr. Zhang once worked in the People's Insurance Company of China and China Insurance (UK) Co.

Ltd. Mr. Zhang obtained a bachelor's degree of arts in English from University of International Relations and was accredited as an economist.