Hong Kong, Shanghai, 7 December 2020 – Ping An Life Insurance Company of China, Ltd., (hereinafter referred to as "Ping An Life") has announced that Yang Zheng will be appointed as the company’s Chairman and Chief Executive Officer. Mr. Yang will be fully responsible for the overall operation and management of Ping An Life to strengthen the company’s leadership, further deepen life insurance reform and achieve innovative breakthroughs in the data-based business model. Ding Xinmin, Chairman of Ping An Life, will become the Chairman of the Board of Supervisors of Ping An Life. These appointments are subject to approval of the relevant regulatory authorities.

Lu Min will remain Chief Insurance Business Officer of Ping An Group.

Mr. Yang is currently Chairman and CEO of Ping An Health Insurance. Since joining Ping An in 1994, Mr. Yang has successively served as General Manager of Ping An Property & Casualty Shanghai Branch, Assistant to General Manager of Ping An Property & Casualty, Deputy General Manager of Ping An Bank Eastern Region, Chairman and CEO of Ping An Haoche, and General Manager of Ping An Property & Casualty.

Mr. Yang started his career as a frontline manager. He has rich professional experience in insurance business and an excellent track record in technological innovation. In recent years, he has achieved outstanding performance in Ping An Health Insurance's operations, technological reforms and internet transformation, and has a deep understanding of life insurance products, channels, and operations.

These appointments strengthen Ping An Life’s leadership team and will progress major reforms and long-term sustainable development of life insurance business. It will also improve the company's organizational and management structure, optimize the decision-making process and consolidate roles and responsibilities to maintain strong momentum for life insurance reform.

Going forward, Ping An Life will follow the "channel + product" two-wheel drive strategy. It will continue to focus on the achieving operational excellence in product, channel and data management, and provide customers with efficient, convenient and reliable financial services to build the world's leading life insurance company.