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China Life Insurance Company Limited Announces Change of Chairman

BEIJING, Nov. 13, 2018 /PRNewswire/ -- China Life Insurance Company Limited (the "Company" or "China Life") (SSE: 601628; HKSE: 2628; NYSE: LFC) announced today that on November 13, 2018, Mr. Yang Mingsheng tendered his resignation as the Chairman and Executive Director of the Company due to the reason of age. The Board would like to express their gratitude to Mr. Yang Mingsheng for his contribution to the Company during his tenure of directorship.

Meanwhile, China Life announced that at the extraordinary general meeting held in the morning of November 13, 2018, Mr. Wang Bin has been elected as an Executive Director of the Company. At the seventh meeting of the sixth session of the board of directors of the Company (the "Board") held on the same day, Mr. Wang Bin has been elected as the Chairman of the Company, in succession to Mr. Yang Mingsheng. The qualification of Mr. Wang Bin is still subject to the approval of the China Banking and Insurance Regulatory Commission (the "CBIRC"), and his term of office will end on the expiration of the term of the sixth session of the Board.

Mr. Wang Bin has been the Chairman of China Life Insurance (Group) Company since August 2018 (whose qualification is pending approval by the CBIRC). From March 2012 to September 2018, Mr. Wang Bin served as an Executive Director and the Chairman of the board of directors of China Taiping Insurance Holdings Company Limited. From March 2012 to August 2018, he served as the Chairman of the board of directors of each of China Taiping Insurance Group Ltd. (formerly known as China Taiping Insurance Group Company) and China Taiping Insurance Group (HK) Company Limited. From 2005 to 2012, he served as the Vice President, as well as an Executive Director and the Vice President of Bank of Communications Co., Ltd. ("Bank of Communications"). From 1998 to 2005, he served as the General Manager of Jiangxi Branch of Agricultural Development Bank of China, the Deputy General Manager of Beijing Branch of the Bank of Communications, the General Manager of Tianjin Branch of the Bank of Communications, and the General Manager of Beijing Branch of the Bank of Communications. Mr. Wang Bin graduated from Heilongjiang Institute of Commerce majoring in business economics with a bachelor's degree in 1983, from Southwestern University of Finance and Economics majoring in monetary banking with a master's degree in 1996 and from Nankai University majoring in finance with a doctoral degree in 2005.

For further information, please contact:

Grace Hou
Tel: (86-10) 6363-1241
Fax: (86-10) 6657-5112
Email: houjue@e-chinalife.com

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