New China Life Insurance : OVERSEAS REGULATORY ANNOUNCEMENT- ANNOUNCEMENT IN RESPECT OF DISCLOSURE OF RELEVANT PRESENTATIONS ON THE 2019 CORPORATE DAY

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OVERSEAS REGULATORY ANNOUNCEMENT

This announcement is made by New China Life Insurance Company Ltd. (the "Company") pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The announcement is hereby set out as follows for reference only.

By Order of the Board

New China Life Insurance Company Ltd.

LIU Haoling

Chairman

Beijing, China, 3 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 and GENG Jianxin.

A Share Stock Code: 601336 A Share Stock Abbreviation: New China Life No.: Lin 2019-058

H Share Stock Code: 01336 H Share Stock Abbreviation: New China Life

NEW CHINA LIFE INSURANCE COMPANY LTD.

ANNOUNCEMENT IN RESPECT OF DISCLOSURE OF

RELEVANT PRESENTATIONS ON THE 2019 CORPORATE DAY

The board of directors and all directors of the New China Life Insurance Company Ltd. (the "Company") warrant that the contents of this announcement do not contain any misrepresentation, misleading statement or material omission, and accept several and joint responsibilities for the truthfulness, accuracy and completeness of the contents of this announcement.

The Company hereby announces that it will host the 2019 Corporate Day on Wednesday, 4 December 2019 and make presentations on the topic of "Embrace Changes, Accelerate Development, Start A Second Takeoff".

For details of the abovementioned presentation, please refer to the appendix of this announcement.

The announcement is hereby given.

The Board of Directors of

New China Life Insurance Company Ltd.

3 December 2019

Embrace Changes

Accelerate Development

Start A Second Takeoff

New China Life Insurance Company Ltd

December 4, Shenzhen

DISCLAIMER

• These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of New China Life Insurance Company Ltd. (the "Company") or any of its holding company or affiliates in any jurisdiction. No part of these materials shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
• The information or opinions contained in these materials has not been independently verified. No representation or warranty, whether expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information and opinions contained in these materials are provided as of the date of the presentation, are subject to change without notice and will not be updated or otherwise revised to reflect any developments, which may occur after the date of the presentation. The Company, any of its affiliates, directors, supervisors, senior managers, officers, employees, advisers and any of their respective representatives shall not have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from or in reliance upon any information contained or presented in or derived from these materials or otherwise arising in connection with these materials.
• These materials contain statements that reflect the Company's current beliefs and expectations about the future as of the respective dates indicated herein. These forward-looking statements are based on a number of assumptions about the Company's operations and businesses and on factors beyond the Company's control, and are subject to significant risks and uncertainties, and, accordingly, the actual results may differ materially from these forward-looking statements. You should not place undue reliance on any of such forward-looking information. The Company assumes no obligation whatsoever to update or otherwise revise these forward-looking statements for new information, events or circumstances that emerge subsequent to such dates.

1

CONTENTS

01 Respond to Changes

02 Start a Second Takeoff

03 Look into the Future

2

Respond to Changes

3

Four Factors Driving Industry Growth

Regulation guidance

T h e i n s u r a n c e i n d u s t r y 02
serves the national strategy
as the third pillar of the	Policy
s o c i a l s e c u r i t y s y s t e m .

Population

Aging population

03

Aging population breeds

silver hair economy, unleashing demands for health care and senior care.

Quality growth

01 Residents' wealth and purchasing power rise.

Economy

Customer

04

Growing demands for protection and wealth management

Middle class, especially young and middle-aged people, become the main force of insurance consumption, posing higher requirements for products and services.

4

Growing Needs for Health Care, Senior Care and Wealth Management

Insurance needs run wider and deeper to better satisfy people's rising demand for a better life.

Senior

Care

Protection	Health
Needs	Care

Wealth

Management

5

Large Insurers Tend to Conglomerate and Diversify Business

• The comprehensive operation trend in financial industry diversifies insurance business operation.
• Cross-industrycoordination expands customer sources and meets

their various needs.

Life

Insurance

Main Life Insurance

• Large life insurers have urges and strengths for vertical expansion
  Collaborative Industries
• Health and senior care industries boast synergy
  with life insurance industry

6

Tech Advance Upgrades Business Models

Tech for business

Tech for innovation

Tech for service	Guidance
Tools	Empowerment

Customer	Product	Marketing Operation	Customer	Information
service

Value chain of insurance business

7

Start a Second Takeoff

8

• Accelerating development

Innovate for a Second Takeoff

	 Stay among first-	 Total assets surpass
Goals for the	tier insurers	RMB1 trillion
second takeoff：	 Grow both value	 Better industry
	and volume	synergy

Second Takeoff

1996~ 2011~ 2016~ 2020~

• NCI founded

• Listed A+H

• Expansion period • Diversification period
• • First takeoff

• Transformation • "1+2+1" strategy period

9

Reshape the Growth Pattern with "1 + 2 + 1" Strategy

Main body: life insurance

Meet customers' extended

needs for insurance protection

Engine: technological empowerment

Shifting from "demand-driven" to "supply-enabling"

Two wings:

wealth management+ health/senior care

Satisfy customers' needs for health and senior care and wealth management; grow life insurance

• Our vision: to be China's best financial service group with comprehensive life insurance business as its core

10

Focus on Life Insurance Supported by Multiple Channels

Individual Life	Bancassurance	Group	Innovative
Insurance	Insurance	Channel
Core channel	Important channel	Profitable channel	Internet channel
• Center on sales team	• Combine single and	• Optimize profits	• Innovate products
building	regular business	• Reserve individual	and services
• Promote professional	• Deepen cooperation	customers	• Build an online
construction	with banks		platform

• Leverage Internet visitors

11

Asset-Liability Dual Engines Driving Both Value and Volume Growth

Liability	Asset

Liability: Life Insurance Business

• Protect against risks; manage wealth to meet diversified needs and grow assets
• Maintain sound business structure for balanced volume and value growth

Asset: Wealth Growth

• Play the role of investment; seek qualified assets for higher return to support liabilities
• Meet customers' needs and create value for the company

12

Wealth Management for Better Value Growth

Build a customer-oriented wealth management service platform, provide personalized and all-round financial services, and create value for customers and shareholders.

		Resources
		allocation
Third-party
business
Pension and	Wealth	Wealth
Management
annuity		management
	platform
	Brand	United
Insurance fund	showcase	decision

Three steps:

Adjust structure

Build team

Advance system

13

Grow Health and Senior Care Industries for Better Synergy

Health care industry; Senior care industry

Increase	occupancy	Build	senior	and	Build	more	health
rate of built projects;	health		care	care	centers	for
improve profitability	investment platform;	better	profits	and
		launch	private	equity	cooperation
		funds	for	health
		projects

The medical insurance qualification obtained

help Rehabilitation

Hospital improve

occupancy rate and profitability

14

Follow the Strategy to Build Smart NCI

Build a fast, efficient, stable and

reliable digital information service system, and form a multi-businessdigital ecosystem where life insurance business, the core

business, integrates wealth management, health and senior care business etc.

Build intelligent information system with new technologies

and data accumulation to timely exchange, integrate, transmit and process information.

Digital Ecosystem

Smart NCI

Improve		Consolidate		Develop		Promote

15

Empower NCI with Technology Innovation

Business

Platform

New Tech

Strategic Framework for Technology Empowerment

	Smart		Smart	Smart	Smart		Smart	Business
	Service		Sale	Marketing	Risk-control	Operation	Model
	Intermediary		Big Data	Intelligent	Application	Customer
		Master Data
	Services Platform	Platform	Platform	Service Bus
	Platform

Mobile	Cloud	Big Data		AI
Internet	Computing
Internet of	Block-chain	5G	Smart
	Things	Wearables

Support	Data	Internet	NCI
Center	Cloud

Information

Security

16

Look into the Future

17

Grow Both Value and Volume

In the first three quarters of 2019, NCI achieved GWP of RMB107.9 billion, up by 8%, a steady and rapid growth for two consecutive years. With asset-liability dual engines driving both value and volume growth, NCI will strive to boost GWP and NBV.

Growth of GWP and NBV

15%
12%	9%

	1%
-3%	-9%

2017	2018		2019	202X
		GWP Growth						NBV Growth

18

Build Larger and Stronger Team

Leverage on promotion culture and team expansion

Expand recruitment resources	2020E
Foster promotion culture
Conduct differentiated management	A larger and
stronger team
Improve retention	2019E

500,000

2018

2017370,000

350,000

Perfor-Retention

mance Promo

Recruits-tion

19

Innovative Products

	• Multiple claims: Multiple Protection
	series
Health	• Single claim: Jiankangwuyou series
• Specific protection: Kangai Series

• Medical

• Specific protection			• Medium-and-long term
• Accident	Riders	Annuity	cash back annuity
• Waiver of premium	• Pension annuity
• Long term riders			• Children's education
			annuity

• Account annuity

20

Coordinated Management

Conduct differentiated operation

Improve budget policies

Optimize performance assessment policies

Stabilize solvency

Better capital management

Strength risk control

21

Go Beyond for A Second Takeoff

The year 2020 marks the beginning of the new growth period. NCI has made full preparations in team, products, resources and coordination, etc. It will earnestly implement the strategy of "1+2+1" and strive for fruitful results and a second takeoff.

Team	Products	Resources	Coordination
More agents	Upgrade product	Motivated policy	Coordinated products
Channel advantage	Enrich supply	Larger inputs	New PMO system
Efficient Basic Law	Brand effect	Better efficiency

22

NCI

Care For Each And Every day