New China Life Insurance : RESIGNATION OF PROPOSED SUPERVISOR

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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 PROPOSED SUPERVISOR

The board of supervisors of New China Life Insurance Company Ltd. (the "Company") received the resignation from Ms. GAO Lizhi, a proposed supervisor of the Company, on 25 February 2021. Ms. GAO Lizhi resigned as a proposed shareholder representative supervisor of the seventh session of the board of supervisors of the Company due to work-related reasons. The position of Ms. GAO Lizhi as a supervisor has been considered and approved by the Company at the first extraordinary general meeting of 2019 convened on 18 October 2019, and her qualification has not been approved by the regulatory authority.

Ms. GAO Lizhi confirmed that she had no disagreement with the board of supervisors and the board of directors of the Company, nor was there any matter that needed to be brought to the attention of the shareholders of the Company.

By Order of the Board

New China Life Insurance Company Ltd.

LI Quan

Executive Director

Beijing, China, 25 February 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.