New China Life Insurance : OVERSEAS REGULATORY ANNOUNCEMENT- ANNOUNCEMENT IN RESPECT OF DISCLOSURE OF RELEVANT PRESENTATIONS ON THE INTERIM RESULTS 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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, 25 August 2020

As at the date of this announcement, the chairman and non-executive director of the Company is LIU Haoling, the executive director is LI Quan; the non-executive directors are 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.

2020 Interim Results Announcement

26 Aug. 2020

Beijing, China

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

OVERVIEW

OVERVIEW INSURANCE FINANCIALS & EMBEDDED

BUSINESS INVESTMENT VALUE

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Overview

"1+2+1"STRATEGY

	OLD-AGE CARE
	&
TECHNOLOGY EMPOWERMENT	HEALTHCARE
LIFE
	INSURANCE
	WEALTH
	MANAGEMENT

Deepened synergy

Asset liability dual engines driving

volume and value growth

Absolute return responding to market fluctuations

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

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Overview

COVID-19 impacted the life insurance industry in the first half of 2020. The Company made concerted efforts and took various measures to boost business growth.

Gross written premiums achieved rapid growth

Embedded value constantly increased

Business structure realized balanced development

Business quality remained stable

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Results Highlights for 1H2020

Unit: RMB in millions

	Gross written premiums		FYP from long-term		Total assets
				insurance business
	96,879	+30.9%		29,862	+155.0%		939,351	+6.9%

	Embedded value		13-month		Surrender rate
			persistency ratio
	224,757 +9.6%		91.0% +0.9pt		0.7% -0.3pt

Volume Growth

Stable Quality

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Future Prospects

The Company will push forward the development strategy

of "one body, two

wings, and technology

empowerment" to

promote high-quality

development.

Accelerate product

innovation &

Promote industrial

synergy

Strengthen

application of innovation & Promote technology empowerment

Control

investment risks

• Seize
  investment

opportunities

Enhance compliance

management & Consolidate risk prevention and control

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Social Responsibility

Sanitation workers

project

• 102 cities
• Over 750,000 sanitation workers
• Sum assured over RMB186.6 billion

Fighting COVID-19

• Insurance donation to 200,000 medicals in Wuhan
• Sum assured RMB60 billion
• Donation worth RMB7.6 million

Targeted poverty

alleviation

• 11 provinces
• Over 50,000 poor people
• Sum assured over RMB5 billion

Note: Data used are as at Jul. 31, 2020.

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INSURANCE

BUSINESS

OVERVIEW INSURANCE	FINANCIALS &	EMBEDDED
BUSINESS	INVESTMENT	VALUE

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Gross Written Premiums & Breakdown

Unit: RMB in millions

30.9%

96,879

73,994	29,862
	155.0%
11,712	11.3%
	4,322
3,883

7.4%

58,39962,695

1H20191H2020

15.8%

5.2%

78.9%

1H2019

30.8%

4.5%64.7%

1H2020

FYP from long-term		Premiums from short-		Renewal premiums
insurance business		term insurance business

Note: Numbers may not be additive due to rounding.

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Product Structure

FYP from long-terminsurance business

4,736.3% -15.2% 63.6%

16,395

	6,522		7,936
	5,531	4,851
339
Participating	Health	Traditional
insurance	insurance	insurance
1H2019	1H2020

Unit: RMB in millions

Gross Written Premiums

55.9% 14.4% 23.5%

	40,054
	32,021
25,684	27,980
23,581
	19,089

Participating Health Traditional

insurance insurance insurance

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GWP Breakdown by Channels

10.5%

66,258

59,986

133.8%

	29,143
	-4.1%
	12,467
	1,541 1,478
Individual insurance	Bancassurance Group insurance
1H2019	1H2020

Unit: RMB in millions

2.1%

16.8%

81.1%

1H2019

1.5%

30.1%

68.4%

		1H2020
Individual	Bancassurance	Group
insurance	insurance

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Individual Insurance - Premiums

					Unit: RMB in millions
FYP from long-term	FYRP from long-term	Renewal premiums	Premiums from short-
insurance business	insurance business	term insurance business
	14.0%	8.3%		9.2%
				53,099	22.0%
	10,329			48,609
9,058		9,800
	9,047

2,319 2,830

1H20191H2020

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Individual Insurance - Sales Force

Total agents

526,000

36.5%

Monthly average	135,000	-3.5%
qualified agents

Monthly average	26.4%	-12.4pts
qualified rate

Notes:

1. Monthly average number of qualified agents = (Σnumber of qualified agents in a month)/the number of months in the reporting period, where monthly number of qualified agents refers to the number of agents who have issued one insurance policy or more (including card-typeshort-term accident insurance policy) which are not cancelled by policy holders in a month and whose first year commission in the month is equal to or greater than RMB800.
2. Monthly average qualified rate = monthly average number of qualified agents/monthly average number of agents*100%. Monthly average number of agents={Σ [(number of agents at start of the month + number of agents at end of the month)/2]}/the number of months in the reporting period.

Strengthen sales team and agent headcounts hit a record high

Greater challenges to

marketing

and active agent

headcounts reduced

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Bancassurance - Premiums

Unit: RMB in millions

FYP from long-term	FYRP from long-term
insurance business	insurance business
635.3%	38.0%

19,507

3,659

2,651

2,653

1H2019

Renewal premiums	Premiums from short-
term insurance business
-2.0%

9,786 9,592

57.1%

28 44

1H2020

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Business Quality

Persistency ratio of individual

life insurance business

91.0%

90.1%

13-month

86.5%

25-month

84.6%

1H20191H2020

Surrender rate

-0.3pt

1.0%

0.7%

1H2019 1H2020

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FINANCIALS &

INVESTMENT

OVERVIEW INSURANCE	FINANCIALS &	EMBEDDED
BUSINESS	INVESTMENT	VALUE

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Key Financial Indicators

Unit: RMB in millions

Revenues

ExpensesProfit

1H2020 1H2019 Change

Total

Revenues 116,076 89,092 30.3%

Net written
premiums and	95,425	72,767 31.1%
policy fees

Investment	20,751	16,684 24.4%
income

1H2020 1H2019 Change

Insurance
benefits	89,793	63,425	41.6%
and claims

Commission
and brokerage	9,617	8,943	7.5%
expenses

Administrative	5,320	5,512	-3.5%
expenses

Net profit attributable to shareholders of the

Company-22.1%

8,218

10,545

Earnings per share	-22.2%
(RMB yuan)
	2.63

3.38

Weighted average ROE

attributable to shareholders -5.46pts of the Company（%）

9.13%

14.59%

1H2020

1H2019

Note: Above figures are IFRS based.

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Investment Performance

Investment assets	Annualized total
investment yield
7.3%	0.4 pt
900,317	5.1%
839,447	4.7%

31 Dec. 2019

30 Jun. 2020

1H2019

1H2020

Unit: RMB in millions

Annualized net investment yield

-0.4 pt

5.0%

4.6%

1H20191H2020

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Investment Portfolio

Categories	As at 30 Jun. 2020	As at Dec. 31 2019	Change
(Proportion)	(Proportion)	（pt）
Term deposits	10.6%	7.6%	3.0
Debt financial assets	61.6%	65.6%	-4.0
－Bonds	42.7%	42.7%	-
－Trust products	10.5%	9.2%	1.3
－Debt plans	4.3%	4.6%	-0.3
－Asset funding plans	-	1.2%	-1.2
－Others	4.1%	7.9%	-3.8
Equity financial assets	20.5%	18.7%	1.8
－Funds	5.2%	5.5%	-0.3
－Stocks	7.4%	6.6%	0.8
－Others	7.9%	6.6%	1.3
Investments in	0.5%	0.6%
associates and joint	-0.1
ventures
Cash and cash	1.3%	1.4%	-0.1
equivalents
Other investment	5.5%	6.1%	-0.6
assets

1.3% 5.5%

0.5%

10.6%

20.5%

61.6%

Term deposits

Debt financial assets

Equity financial assets

Investments in associates and joint ventures

Cash and cash equivalents Other investment assets

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Non-standard Investment Portfolio

Categories

Non-standard debt investments

－Trust product

－Debt plan

－Project asset support plan

－Wealth management product －Perpetual bond

－Asset management plan

Non-standard equity investments

－Asset management plan －Private equity

－Unlisted equity

－Equity investment plan

- Wealth management product

－Derivative financial asset

Total

As at 30 Jun.	Proportion	Proportion
2020	Change (pt)
170,159	71.1%	-7.0
		8.2
94,501	39.5%
39,065	16.3%	0.5
		-4.1
-	-
31,548	13.2%	-11.7
5,000	2.1%	0.1
45	-	-
69,122	28.9%	7.0
39,044	16.3%	7.3
8,806	3.7%	0.8
16,570	6.9%	-0.6
4,700	2.0%	0.1
2	-	-
-	-	-0.6
239,281	100.0%	-

Unit: RMB in millions

28.9%

71.1%

Non-standard debt investments

Non-standard equity investments

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Solvency

Core solvency margin

ratio

-11.85 pts

283.64%

271.79%

31 Dec. 2019

Unit: RMB in millions

Comprehensive solvency		Capital
margin ratio
-1.86 pts			30/6/2020 31/12/2019 Change
283.64%	281.78%
Core	272,078	261,164	10,914
		capital

Actual	282,078	261,164	20,914
capital

		Minimum	100,107	92,077	8,030
		capital
30 Jun. 2020

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EMBEDDED VALUE

OVERVIEW INSURANCE	FINANCIALS &	EMBEDDED
BUSINESS	INVESTMENT	VALUE

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Embedded Value - Composition Analysis

Unit: RMB in millions

9.6% 224,757

205,043

Value of In-force Business

82,119

11.9% 91,917

8.1%

Adjusted Net

Worth

Note:

1. The risk discount rate used was 11.0% as at 30 June 2020. The risk discount rate used was 11.5% as at 31 December 2019.
2. Numbers may not be additive due to rounding.

122,924132,841

31 Dec. 2019

30 Jun. 2020

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Embedded Value-Movement Analysis

Unit: RMB in millions

Movement analysis from Dec. 31, 2019 to Jun. 30, 2020

	5,221	8,832	3,107	2,588			3,954			311	100	224,757
205,043	-	-
				(4,399)

EV at the	Impact of	Expected	Operating	Economic	Operating	Economic	Change of	Capital	Others	Value Change	EV at
beginning	Value of	Return	Experience	Experience	Assumption	Assumption	Risk	Injection/		Other Than	the end
of period	New Business		Variances	Variances	Changes	Changes	Discount	Shareholder		Life Insurance	of period
							Rate	Dividend		Business
Note: Numbers may not be additive due to rounding.					Payment

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Value of New Business

Unit: RMB in millions

-11.4%

38.0%

5,890

5,22137.9%

1H2019

1H2020

1H2019

Notes:

1. The risk discount rate used was 11.0% in 1H2020. The risk discount rate used was 11.5% in 1H2019.

VNB Margin

27.0% (FYP)

VNB Margin (APE)

15.3%

1H2020

1. FYP= 100% * first year regular premiums+100% * first year single premiums +100% * premiums from short-term insurance business
2. APE= 100% * first year regular premiums+10% * first year single premiums +100% * premiums from short-term insurance business
3. Numbers may not be additive due to rounding.

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CARE FOR EACH AND EVERY DAY