The board of directors of Ping An Insurance (Group) Company of China Ltd. has received a letter from Mr. Yao Jason Bo. Mr. Yao tendered his resignation as Executive Vice President and other relevant administration positions of the Company due to personal and family reasons on April 26, 2023. Mr. Yao has confirmed that he has no disagreement with the Board or the supervisory committee of the Company, nor was there any matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company.

The Board has accepted Mr. Yao's resignation from the relevant administration positions and would like to take this opportunity to express its appreciation to Mr. Yao for his significant contribution during his tenure of office as the senior management of the Company. The Board has also resolved to re-designate Mr. Yao from the Executive Director to a Non-Executive Director of the Company with effect from April 26, 2023. Mr. Yao Jason Bo, aged 52, is a Director of a number of subsidiaries of the Company including Ping An Life Insurance Company of China, Ltd., Ping An Property & Casualty Insurance Company of China, Ltd. and Ping An Health Insurance Company of China, Ltd. Mr. Yao served as the Senior Vice President of the Company from June 2009 to January 2016, the Chief Financial Officer (Financial Director) of the Company from April 2010 to December 2022, the Chief Actuary of the Company from October 2012 to March 2021, the Executive Vice President of the Company from January 2016 to April 2023 and the Co-Chief Executive Officer of the Company from July 2020 to April 2023.

Prior to that, Mr. Yao successively held positions of the Deputy General Manager of the Product Center, the Deputy Chief Actuary, the General Manager of the Planning Department, the Deputy Financial Officer and the Assistant to the General Manager of the Company. Prior to joining the Company, Mr. Yao served at Deloitte Touche Tohmatsu as a consulting actuary and a senior manager. Mr. Yao obtained the MBA degree from New York University, and is also a Fellow of the Society of Actuaries (FSA).