China Life Insurance (Group) Co. Chairman Yang Chao said Tuesday his firm isn't bidding for the assets of American International Group Inc.'s (AIG) Asian unit, American International Assurance Co.

Speaking on the sidelines of the Chinese People's Political Consultative Conference, Yang said large changes in AIA's operations and damage to the perception of the brand had directed China Life's decision.

China Life Insurance (Group) is the parent company of China Life Insurance Co. (LFC).

The Chinese People's Political Consultative Conference, the advisory body to China's legislature made up of business executives and academics, starts its annual meeting Tuesday.

-By Aaron Back, Dow Jones Newswires; 8621 6120-1200; aaron.bank@dowjones.com