New China Life Insurance Company Ltd. provided earnings guidance for the first quarter ended March 31, 2023. Based on the Company's preliminary estimates and calculations, it is estimated that the net profit attributable to shareholders of the Company for the first quarter of 2023 increased by around RMB 3,542 million to RMB 3,864 million, representing an increase of around 110% to 120% as compared to the same period in 2022; the net profit attributable to shareholders of the Company after deducting non- recurring items increased by around RMB 3,536 million to RMB 3,858 million, representing an increase of around 110% to 120% as compared to the same period in 2022. The main reason for the estimated profit increase for the first quarter of 2023 of the Company is that the Company has adopted the new standards for financial instruments and insurance contracts since 1 January 2023.

The Company retrospectively restated the relevant insurance business data for the same period last year according to the requirements under the new insurance contracts standards, and chose not to retrospectively restate the relevant investment business data for the same period last year according to the requirements under the new financial instrument standards. Due to the adoption of new accounting standards and changes in capital market, the total investment income of the Company for the first quarter of 2023 increased compared to the same period last year.