People Insurance of China : APPOINTMENT OF MEMBER OF SPECIAL COMMITTEE OF THE BOARD, EXECUTIVE DIRECTOR AND NON-EXECUTIVE DIRECTORS

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

(Stock Code: 1339)

APPOINTMENT OF MEMBER OF SPECIAL COMMITTEE OF THE BOARD, EXECUTIVE DIRECTOR AND NON-EXECUTIVE DIRECTORS

BOARD RESOLUTIONS

The meeting of the board of directors (the "Board") of The People's Insurance Company (Group) of China Limited (the "Company") was held on site on 21 August 2020. Having voted by the directors of the Company who have attended the Board meeting, the Board of the Company considered and approved the Proposal on election of member of the Strategy and Investment Committee of the Board, Proposal on nomination of Mr. Li Zhuyong as candidate for executive director of the third session of the Board of the Company. Proposal on nomination of Mr. Miao Funsheng as candidate for non- executive director of the third session of the Board of the Company and Proposal on nomination of Mr. Wang Shaoqun as candidate for non-executive director of the third session of the Board of the Company.

According to the resolutions passed at the Board meeting of the Company, the Board is pleased to announce that Mr. Wang Tingke was appointed as the member of the Strategy and Investment Committee of the Board of the Company, Mr. Li Zhuyong has been appointed as the executive director of the Company, Mr. Miao Fusheng and Mr. Wang Shaoqun have been appointed as the non- executive directors of the Company. The appointment of Mr. Wang Tingke shall take effect from the date of this announcement. Tenure of directors of Mr. Li Zhuyong, Mr. Miao Fusheng and Mr. Wang Shaoqun will come into effect from the date of obtaining the approval by the general meeting of the Company and the date of obtaining the approval regarding their qualifications as directors from China Banking and Insurance Regulatory Commission, until the expiring of the term of the third session of the Board of Company and they are eligible for re-election upon the expiry of the term. The Company shall dispatch the documents such as the notice and circular of the general meeting to the shareholders as soon as reasonably practicable.

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Mr. Li Zhuyong, as an executive director of the Company, does not receive any director's fee from the Company other than the corresponding emoluments (including salary, performance bonus and benefits) received pursuant to his specific management position in the Company. Mr. Miao Fusheng and Mr. Wang Shaoqun, as non-executive directors of the Company, do not receive any director's fee or remuneration from the Company.

For the biographical details of Mr. Wang Tingke, please refer to the announcement dated 29 April 2020 and the circular dated 8 May 2020 in relation to the 2019 annual general meeting. For the biographical details of Mr. Li Zhuyong, Mr. Miao Fushang and Mr. Wang Shaoqun, please refer to the appendices of this announcement.

By Order of the Board

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

WANG Tingke

Vice Chairman

Beijing, the PRC, 21 August 2020

As at the date of this announcement, the executive directors of the Company are Mr. Wang Tingke and Mr. Xie Yiqun, the non-executive directors are Mr. Wang Qingjian, Mr. Xiao Xuefeng, Ms. Cheng Yuqin and Mr. Wang Zhibin, and the independent non-executive directors are Mr. Shiu Sin Por, Mr. Ko Wing Man, Mr. Luk Kin Yu, Peter, Mr. Lin Yixiang and Mr. Chen Wuzhao.

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APPENDIX I

Biographical details of Mr. Li Zhuyong

Mr. Li Zhuyong, aged 47, is a senior economist. He currently serves as Vice President and Board Secretary of the Company. Mr. Li joined the Company in August 1998 and he served as the deputy director and director of the system and terms office of the Company's Legal Department, the head of the secretariat of the secretary to the board of directors of PICC Property and Casualty Company Limited ("PICC P&C"), and the head and deputy general manager of the Legal Department of the Company until March 2006. From March 2006 to March 2017, Mr. Li was the General Manager of the Legal and Compliance Department, the Risk Management Department/Legal Compliance Department, and the Legal Compliance Department of the Company. From August 2013 to July 2018, he served as the Legal Director. He was appointed as the Vice President since August 2018. Mr. Li has served as the Responsible Compliance Officer and the Chief Risk Officer of the Company from August 2018 to April 2020. Mr. Li has served as a director of The People's Insurance Company of China (Hong Kong), Limited since June 2007. He was appointed as the supervisor of PICC P&C from March 2016 to March 2019. He was appointed as the supervisor of Zhongsheng International from February 2018 to April 2019, and has been appointed as chairman of PICC Financial Services Company Limited since March 2019. Mr. Li has served as a vice chairman of the China Institute of Insurance Law of the China Law Society since October 2017, chairman of council of China Maritime Law Association since July 2020. Mr. Li graduated from the Capital University of Economics and Business in July 1998 with a master's degree in Law, and graduated from China University of Political Science and Law in June 2011 with a doctoral degree in Law.

Save as the disclosed above, Mr. Li Zhuyong did not hold any directorships in any other listed public companies in the past three years, nor had any other major appointments or professional qualifications, nor held any other position at the Company or any subsidiary of the Company, nor had any relationship with any director, senior management, substantial shareholder and controlling shareholder of the Company.

As at the date of this announcement, Mr. Li Zhuyong is not interested in any securities of the Company (which shall have the meaning as defined in Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong)). He has not been subject to any disciplinary actions by the China Securities Regulatory Commission or other relevant authorities, or any stock exchange.

Mr. Li Zhuyong has confirmed that there is no other matter relating to his appointment that needs to be brought to the attention of the shareholders of the Company, 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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APPENDIX II

Biographical details of Mr. Miao Fusheng

Mr. Miao Fusheng, aged 55, is a senior editor. He is now the chief editor (director general level) of China Financial and Economic News. From July 1984 to June 1992, Mr. Miao taught at the Central Institute of Finance and Finance (now the Central University of Finance and Economics). Since June 1992, he has worked in China Financial and Economic News under the Ministry of Finance. He has served as deputy director of office, deputy director of international department and economic and social department, director of government procurement editorial department and news center, director of finance and economics special department, director of chief editor's office, director of macroeconomic department and director of local finance and economics department; from April 2008 to July 2013, he served as deputy chief editor (deputy director level) of China Financial and Economic News. He has been the chief editor (director general level) since July 2013. Mr. Miao became a member of China Writers' Association in June 2019, and served as the executive director of Society of Public Finance of China since October 2019. He was granted special government allowance by the State Council in December 2016. Mr. Miao graduated from Shandong University with a bachelor's degree in literature in July 1984.

Save as the disclosed above, Mr. Miao Fusheng did not hold any directorships in any other listed public companies in the past three years, nor had any other major appointments or professional qualifications, nor held any other position at the Company or any subsidiary of the Company, nor had any relationship with any director, senior management, substantial shareholder and controlling shareholder of the Company.

As at the date of this announcement, Mr. Miao Fusheng is not interested in any securities of the Company (which shall have the meaning as defined in Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong)). He has not been subject to any disciplinary actions by the China Securities Regulatory Commission or other relevant authorities, or any stock exchange.

Mr. Miao Fusheng has confirmed that there is no other matter relating to his appointment that needs to be brought to the attention of the shareholders of the Company, 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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APPENDIX III

Biographical details of Mr. Wang Shaoqun

Mr. Wang Shaoqun, aged 50, is a senior engineer and senior economist. He is the second level inspector of the financial stability bureau and director of the insurance division of the People's Bank of China. Mr. Wang joined the People's Bank of China in August 1992, and has served as deputy director of the insurance risk monitoring and assessment division of the financial stability bureau, deputy director of the financial holding company risk monitoring and assessment division, researcher and director of the insurance risk monitoring and assessment division, director and first-class researcher of the insurance division; he has been the second level inspector of financial stability bureau and director of the insurance division the People's Bank of China since May 2020. Mr. Wang graduated from North Jiaotong University with a bachelor's degree in engineering in July 1992, a master's degree in business administration from Peking University in July 2000, and a doctoral degree in management from Tianjin University in August 2008.

Save as the disclosed above, Mr. Wang Shaoqun did not hold any directorships in any other listed public companies in the past three years, nor had any other major appointments or professional qualifications, nor held any other position at the Company or any subsidiary of the Company, nor had any relationship with any director, senior management, substantial shareholder and controlling shareholder of the Company.

As at the date of this announcement, Mr. Wang Shaoqun is not interested in any securities of the Company (which shall have the meaning as defined in Part XV of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong)). He has not been subject to any disciplinary actions by the China Securities Regulatory Commission or other relevant authorities, or any stock exchange.

Mr. Wang Shaoqun has confirmed that there is no other matter relating to his appointment that needs to be brought to the attention of the shareholders of the Company, 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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