BEIJING -- China Life Insurance Co, the country's biggest life insurer, said on Monday that it had invested $300 million in Visa Inc's initial public offering in its maiden overseas investment.

A day after Visa's record $17.9 billion IPO last Tuesday, Ping An Insurance Co Ltd, China's No.2 life insurer, paid 2.15 billion euros ($3.4 billion) for half of the investment arm of Belgian-Dutch financial group Fortis NV.

Chinese financial institutions are actively exploring overseas markets in search of new profit streams.

China Life Chairman Yang Chao has said that he was interested in taking a stake in China Development Bank and Agricultural Bank of China as well as in buying into foreign banks.

At Visa's closing share price last Thursday of $64.35, China Life noted that it was enjoying paper gains of about 50 percent from the credit card company's IPO price of $44.

Story Continues Below

© Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters.

Editor's note:
Turn the Recession into Your Own Personal Financial Bonanza
Great Buying Opportunity Ahead for Real Estate. Find Out Where and When
Why Oil Prices Will Go Much Lower After November Election. Best Ways to Profit Now.
Financial Intelligence Report Stock Picks Soaring. Up 53% to 63%!
The Recession's Silver Lining. What it Means for Investors.