New China Life Insurance : RESIGNATION OF CHAIRMAN OF THE BOARD OF SUPERVISORS

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.

NEW CHINA LIFE INSURANCE COMPANY LTD.

(A joint stock company incorporated in the People's Republic of China with limited liability)

(Stock Code: 01336)

ANNOUNCEMENT ON RESIGNATION OF CHAIRMAN OF THE BOARD

OF SUPERVISORS

The board of supervisors of New China Life Insurance Company Ltd. (the "Company") received the resignation letter from Mr. WANG Chengran, the chairman of the board of supervisors, on 8 April 2021. Mr. WANG Chengran resigned from his positions as the shareholder representative supervisor, the chairman of the board of supervisors and all other positions of the Company due to his age.

Considering that the resignation of Mr. WANG Chengran would reduce the number of supervisors of the Company to be less than two-thirds of the total number of supervisors specified in the Articles of Association of New China Life Insurance Company Ltd. (the "Articles of Association"). According to relevant provisions of the Articles of Association, before the appointment of a new supervisor, Mr. WANG Chengran will continue to perform the duties as a supervisor in accordance with laws, regulations, regulatory documents and the Articles of Association. The Company will complete the election of new supervisor(s) and subsequent work as soon as possible in accordance with relevant laws and regulations and the Articles of Association.

Mr. WANG Chengran confirmed that he had no disagreement with the board of supervisors and the board of directors of the Company, nor was there any matter relating to his resignation that needed to be brought to the attention of shareholders of the Company.

During his term of office as the chairman of the board of supervisors of the Company, Mr. WANG Chengran was conscientious and diligent in performing his duties. The Company would like to express its sincere gratitude to Mr. WANG Chengran for his contribution.

By Order of the Board

New China Life Insurance Company Ltd.

LI Quan

Executive Director

Beijing, China, 8 April 2021

As at the date of this announcement, the executive director of the Company 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.