China Life Insurance Company Limited - Change of Chairman of The Board

BEIJING,April 27,2022 -- China Life Insurance Company Limited (the "Company" or "China Life") (NYSE: LFC; SSE: 601628; HKSE: 2628) announces today that at the extraordinary general meeting held on April 27,2022,Mr. Bai Tao has been elected as an Executive Director of the seventh session of the board of directors of the Company (the "Board"). At the eleventh meeting of the seventh session of the Board held on the same day,Mr. Bai Tao has been elected as the Chairman of the Company. The qualification of Mr. Bai Tao is still subject to the approval of the China Banking and Insurance Regulatory Commission,and his term of office will end on the expirationof the term of the seventh session of the Board.

Mr. Bai Tao,born in 1963,has been the Secretary to the Party Committee of China Life Insurance (Group) Company,the controlling shareholder of the Company,since January 2022. From August 1984 to May 2014,Mr. Bai Tao worked at Industrial and Commercial Bank of China Limited (a company listed on the Hong Kong Stock Exchange,stock code: 1398,and the Shanghai Stock Exchange,stock code: 601398) and successively served as an Assistant to the President of Hainan Branch,the Deputy General Manager of the Project Credit Department of the Head Office,the Vice President of Jilin Branch,the Vice President (responsible for daily operations) and the President of Hunan Branch,the General Manager of the Asset Risk Management Department,the General Manager of the Risk Management Department and the President of the Internal Audit Bureau of the Head Office. From May 2014 to August 2016,he served as the Vice President of China Life Insurance (Group) Company. From September 2016 to July 2018,he served as the Deputy General Manager of China Investment Corporation,during which he also served as an Executive Director and the General Manager of Central Huijin Investment Ltd. from October 2016. From July 2018 to January 2020,Mr. Bai Tao served as the President,an Executive Director and the Vice Chairman of The People's Insurance Company (Group) of China Limited (a company listed on the Hong Kong Stock Exchange,stock code: 1339,stock code: 601319),during which he also served as the Chairman of PICC Investment Holding Co.,Ltd. from February 2019 and the Chairman of PICC Capital Investment Management Company Limited from July 2019. He was the Chairman of State Development &Investment Corp.,Ltd. from January 2020 to January 2022. Mr. Bai Tao,a senior economist,graduated from Renmin University of China with a doctoral degree in economics.

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