China Life Insurance Co. Ltd. agreed to an investment partnership with Manulife Asset Management, the first such tie-up for the Chinese insurer, AsianInvestor reported May 29.

Under a memorandum of understanding, Manulife will help China Life invest its general account assets overseas, while the Canadian company will utilize China Life's resources to make investments in China.

The partnership is in line with China Life's strategy to partner with overseas institutions to explore foreign investment opportunities, according to a statement by the company in Chinese.

Manulife Asset Management is the global asset management arm of Canada's Manulife Financial Corp.