People Insurance of China : ANNOUNCEMENT ON ELECTION OF EMPLOYEE REPRESENTATIVE SUPERVISORS TO SERVE THE FOURTH SESSION OF THE BOARD OF SUPERVISORS

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

(Stock Code: 1339)

ANNOUNCEMENT ON

ELECTION OF EMPLOYEE REPRESENTATIVE SUPERVISORS TO SERVE

THE FOURTH SESSION OF THE BOARD OF SUPERVISORS

The People's Insurance Company (Group) of China Limited (the "Company") held an employee representative meeting on 28 April 2021 to elect Ms. Zhang Yan and Mr. Wang Yadong as the employee representative supervisors (re-appointment) of the fourth session of the Board of Supervisors of the Company, with a term of office from the date of election until the expiry of the term of the fourth session of the Board of Supervisors of the Company, and can be re-elected upon expiration of their term of office.

The fourth session of the Board of Supervisors of the Company comprises of five supervisors, of which non-employee representative supervisors shall be elected at the general meeting. Ms. Zhang Yan and Mr. Wang Yadong, together with the non-employee representative supervisors being elected at the 2020 annual general meeting of the Company, will constitute the fourth session of the Board of Supervisors.

Please refer to the Appendix of this announcement for the biographical details of the employee representative supervisors of the fourth session of the Board of Supervisors and details of appointment.

By Order of the Board

The People's Insurance Company (Group) of China Limited

Luo Xi

Chairman

Beijing, the PRC, 29 April 2021

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As at the date of this announcement, the executive directors of the Company are Mr. Luo Xi, Mr. Wang Tingke, Mr. Xie Yiqun and Mr. Li Zhuyong, the non-executive directors are Mr. Wang Qingjian, Mr. Miao Fusheng, Mr. Wang Shaoqun, Ms. Cheng Yuqin and Mr. Wang Zhibin, and the independent non-executive directors are Mr. Shiu Sin Por, Mr. Ko Wing Man, Mr. Lin Yixiang and Mr. Chen Wuzhao.

APPENDIX: BIOGRAPHICAL DETAILS OF THE EMPLOYEE REPRESENTATIVE SUPERVISORS OF THE FOURTH SESSION OF THE BOARD OF SUPERVISORS AND DETAILS OF APPOINTMENT

Ms. Zhang Yan (張彥), aged 47, is currently the employee representative supervisor of the Company. Ms. Zhang worked in the Central Committee of the Communist Youth League from January 1996 to February 2013, served as deputy director of the Hong Kong, Macao and Taiwan working division of the United Front Work Department, deputy head of the Youth League Office, and the head, deputy inspector and vice head of Youth League Office. She joined the Company in February 2013 and served as the deputy secretary-general (departmental post) of the PICC Foundation (renamed as the PICC Charity Foundation in April 2014) and deputy general manager of the culture brand department of the Company. She served as the general manager of the culture brand department in February 2015, the General Manager of the Department of Labor Union/Youth League Committee/ Service Department for Veteran Cadres in June 2018. Since March 2021, she has been the Deputy General Manager (Department General Manager level) of Party Construction and Labor Union Department. Ms. Zhang has been a member of the Fifth National Committee of the PRC Financial Union and the Standing Committee of the Fifth Women's Workers' Committee since July 2019. She served as the secretary-general of PICC Charity Foundation from February 2015 to December 2018, a supervisor of the Foundation since December 2018, and a member of the Standing Committee of the Seventh National Council of China Financial Sports Association since November 2019. Ms. Zhang graduated from Southwest University of Political Science and Law with a bachelor's degree in Law in July 1995, graduated from Peking University with a master's degree in Public Administration in July 2006 and graduated from Cheung Kong Graduate School of Business in September 2014, obtaining a master's degree in Business Administration in Senior Management.

Mr. Wang Yadong (王亞東), aged 50, is currently the employee representative supervisor of the Company and an economist. Mr. Wang joined the Company in July 1995 and was the deputy director of the Property Insurance Department of Hubei Branch. He worked at PICC P&C, and was the general manager of the Underwriting Department of the Hubei Branch, the Property and Casualty Insurance Department/Major Commercial Risk Insurance Department/Cargo Insurance Department/ Reinsurance Department since July 2003. He was a Senior Manager of the business collaboration team of business development department and a Senior Manager of the infrastructure office of the Company in November 2007. He served as the Deputy General Manager of the infrastructure office of the Company of the second south information center of the Company in August 2013 and the General Manager of the infrastructure office in March 2017. He has been the General Manager of the audit department since June 2018. Mr. Wang was appointed as a supervisor of PICC P&C since March 2019, and has been a member of the standing committee of the China Internal Audit Association since September 2018. Mr. Wang graduated from Hunan College of Finance and Economics with a bachelor's degree in Economics in July 1995 and obtained an EMBA degree from Huazhong University of Science and Technology in December 2010.

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Other Information

Ms. Zhang Yan and Mr. Wang Yadong will not receive any remuneration from the Company in respect of their services as supervisors of the Company, but will receive corresponding remuneration in accordance with their specific positions in the Company, including salary, performance bonus and benefits. The remuneration of employee representative supervisors shall be determined in accordance with the relevant remuneration management measures of the Company. At the end of each year, the Nomination and Remuneration Committee of the Board of Directors will draw up a remuneration settlement scheme, which will be considered by the Board of Directors and to be proposed at the general meeting of shareholders for approval. The Company will disclose the relevant remuneration when it is determined. For the specific remuneration, please refer to the annual reports, relevant announcements, and circulars to be published by the Company in due course.

Save as disclosed above, each of the above-mentioned employee representative supervisors of the fourth session of the Board of Supervisors has not held any directorships in any other listed companies in the past three years, does not hold any other major appointments and professional qualifications, nor holds any other position in the Company or any of its subsidiaries, and does not have any relationships with any directors, senior management, substantial shareholders or controlling shareholders of the Company.

As at the date of this announcement, each of the above-mentioned employee representative supervisors of the fourth session of the Board of Supervisors does not hold any interests in the securities of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) and has not been subject to any disciplinary actions by the China Securities Regulatory Commission and other relevant authorities and the reprimand by the stock exchanges.

Each of the above-mentioned employee representative supervisors of the fourth session of the Board of Supervisors confirmed that, as at the date of this announcement, there are no other matters relating to their appointments that need to be brought to the attention of the shareholders, nor is there any other information to be disclosed pursuant to the requirements under Rules 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

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