China's insurance sector reports steady expansion in 2021-Xinhua

China's insurance sector reports steady expansion in 2021

Source: Xinhua

Editor: huaxia

2022-02-13 15:22:18

BEIJING, Feb. 13 (Xinhua) -- China's insurance sector has maintained steady expansion and remained solvent last year, according to the country's banking and insurance regulator.

The total assets of Chinese insurers amounted to 24.9 trillion yuan (about 3.91 trillion U.S. dollars) at the end of December, up 11.5 percent from the beginning of 2021, said the China Banking and Insurance Regulatory Commission.

Specifically, the total assets of property insurance companies, life insurance companies and reinsurance companies went up 6 percent, 12.4 percent and 22.2 percent, respectively.

In 2021, insurers' premium income increased 4.1 percent year on year to 4.5 trillion yuan.

The comprehensive solvency adequacy ratio of insurers, a key metric to measure their ability to meet debt and other obligations, stood at 240 percent at the end of the third quarter of 2021. The average core solvency ratio was 227.3 percent, data showed.