BEIJING, Sep. 11, 2009 (Xinhua News Agency) -- CLSA has given an "underperform" rating to China Life Insurance Co., Ltd. (NYSE:LFC) (601628.SH, 2628.HK, LFC.NYSE) for the first time, and set the insurer's target price at 31 Hong Kong dollars.

The broker said that brand, funds and the government have all lent strong support to China Life's performance.

Its new business value registered record-high growth in the first half of this year, thanks to its products restructuring.

Currently, the insurer is negotiating with the Agricultural Bank of China (OOTC:BACHY) over possible investment in the latter. With this news, the insurer's performance may boost its valuation.