PICC Property and Casualty : ANNOUNCEMENT ON APPROVAL OF QUALIFICATION AS CHAIRMAN OF THE BOARD BY THE CHINA BANKING AND INSURANCE REGULATORY COMMISSION

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

(Stock Code: 2328)

ANNOUNCEMENT ON APPROVAL OF QUALIFICATION AS CHAIRMAN OF THE BOARD BY THE CHINA BANKING AND

INSURANCE REGULATORY COMMISSION

Reference are made to the announcement dated 29 December 2020 and the circular dated 13 November 2020 (the "Circular") of PICC Property and Casualty Company Limited (the "Company") in relation to, among others, the appointment of Mr. Luo Xi as a non-executive director of the Company and the election of Mr. Luo Xi as Chairman of the Board of the Company.

The Company has recently received the approval of qualification of Mr. Luo Xi of PICC Property and Casualty Company Limited (the "Approval") issued by the China Banking and Insurance Regulatory Commission (the "CBIRC"). Pursuant to the Approval, the qualification of Mr. Luo Xi as the Chairman of the Board of the Company has been approved by the CBIRC. The term of office of Mr. Luo Xi as a non-executive director and Chairman of the Board of the Company commenced on 18 March 2021. Please refer to the Circular for the biographical details of Mr. Luo Xi.

By Order of the Board

PICC Property and Casualty Company Limited

Zou Zhihong

Secretary of the Board

Beijing, the PRC, 19 March 2021

As at the date of this announcement, the Chairman of the Board is Mr. Luo Xi (non-executive director), the Vice Chairman of the Board is Mr. Xie Yiqun (executive director), Mr. Li Tao is a non-executive director, Mr. Jiang Caishi is an executive director, and the independent non-executive directors are Mr. Lin Hanchuan, Mr. Lo Chung Hing, Mr. Ma Yusheng, Mr. Chu Bende and Ms. Qu Xiaohui.