New China Life Insurance : ANNOUNCEMENT ON APPROVAL OF THE ARTICLES OF ASSOCIATION BY CBIRC

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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)

ANNOUNCEMENT ON APPROVAL OF

THE ARTICLES OF ASSOCIATION BY CBIRC

References are made to the circular (the "Circular") of New China Life Insurance Company Ltd. (the "Company") dated on 7 May 2020 and the announcements of the Company dated 28 April 2020 and 23 June 2020.

The Company recently received the Approval of the Amendments to the Articles of Association of New China Life Insurance Company Ltd. (Yin Bao Jian Fu [2020] No. 577) from China Banking and Insurance Regulatory Commission (the "CBIRC"). The CBIRC has approved the amendments to the Articles of Association of New China Life Insurance Company Ltd. (the "Articles of Association") by the 2019 Annual General Meeting of the Company.

The 2019 Annual General Meeting of the Company held on 23 June 2020 considered and approved the Proposal on Amendments to the Articles of Association, which made amendments to certain terms of the Articles of Association in accordance with the latest rules and regulations promulgated by the regulatory authorities and the actual conditions of the Company. Please refer to the Circular for details.

The amended Articles of Association shall become effective upon the date of approval by the CBIRC. The full text of the Articles of Association is available on the websites of The Stock Exchange of Hong Kong Limited (www.hkexnews.hk) and the Company (http://www.newchinalife.com).

By Order of the Board

New China Life Insurance Company Ltd.

LIU Haoling

Chairman

Beijing, China, 15 September 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.