New China Life Insurance : RESIGNATION OF DIRECTOR

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NEW CHINA LIFE INSURANCE COMPANY LTD.

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

(Stock Code: 01336)

RESIGNATION OF DIRECTOR

New China Life Insurance Company Ltd. (the "Company") announces that Ms. XIONG Lianhua, the director of the Company, tendered her resignation to the board of directors of the Company (the "Board") on 3 August 2020. Ms. XIONG Lianhua hereby resigned as a non-executive director of the Company, a member of the strategy committee and a member of the nomination and remuneration committee under the Board of the Company due to work related reasons.

The resignation of Ms. XIONG Lianhua was effective upon its delivery to the Board. Her resignation will not affect the normal operation of the Board. Ms. XIONG Lianhua has confirmed that she had no disagreement with the Board, nor was there any matter in relation to her resignation that needed to be brought to the attention of the shareholders of the Company.

The Board would like to express its sincere gratitude to Ms. XIONG Lianhua for her contribution to the Company during her term of office.

By Order of the Board

New China Life Insurance Company Ltd.

LIU Haoling

Chairman

Beijing, China, 3 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.