Samsung Life Insurance said Monday that it will launch a joint fund with Korea Post to invest 400 billion won ($336 million) in foreign blue chip companies over the next 10 years, expanding cooperation in alternative investments like private equity and real estate.

The country’s top insurer and the state-owned postal insurance will make investments under the recommendations of an asset management firm. A Samsung Life Insurance official declined to reveal details about the asset manager.

“This is a meaningful partnership with the state-run insurance agency,” Samsung Life Insurance said, adding that it expects to deepen ties and work together on insurance services as well.

The latest partnership underscores the growing popularity of “alternative investments.”

Earlier, Samsung Life Insurance said it plans to increase allocation for such investments in nontraditional assets -- including private equity, real estate and hedge funds -- to at least 15 percent by 2025. This year, the figure has stood at 10 percent, slightly up from 8 percent in 2018.

The top insurance company saw allocations in alternative investments reaching 24.9 trillion won this year, up by 32 percent from 2018, when they amounted to 18.8 trillion won.

In July, Korea Investment, the country’s sovereign wealth fund, also said it would focus more on alternative investments so they make up 25 percent of the total investments by 2027. As of last year, allocation in stocks, bonds and alternative assets at KIC stood at 42 percent, 35 percent and 15 percent, respectively.