EX-99.1

Commission File Number 001-31914

EXHIBIT 99.1

LOGO

ANNOUNCEMENT ON CHANGES IN ACCOUNTING ESTIMATES

Important Notice:

As at 30 September 2022, changes in accounting estimates resulted in an increase in liabilities of life insurance contracts by RMB19,310 million and an increase in liabilities of long-term health insurance contracts by RMB3,344 million, which in aggregate reduced profit before tax by RMB22,654 million for the nine months ended 30 September 2022.

I. Introduction

The Company determined actuarial assumptions which include, among others, discount rates, mortality rates, morbidity rates, lapse rates, expenses assumptions and policy dividends assumptions based on current information available as at the date of the balance sheet. These assumptions were used to calculate the liabilities of insurance contracts as at the date of the balance sheet.

The changes in accounting estimates were considered and approved at the eighteenth meeting of the seventh session of the Board of Directors on 27 October 2022.

II. Details of the Changes in Accounting Estimates and the Impact on the Company

The Company adopted prospective application method to deal with the changes in accounting estimates.

III. Conclusive Opinions of the Independent Directors and the Board of Supervisors

The Independent Directors and the Board of Supervisors of the Company considered the changes in accounting estimates, and approved the accounting treatment on the changes in accounting estimates made by the Company.