China's insurance sector maintains adequate solvency

This photo taken on May 18, 2023 shows the National Administration of Financial Regulation (NAFR) in Beijing, capital of China. (Xinhua/Li Xin)

BEIJING, Sept. 2 (Xinhua) -- China's insurance sector had maintained adequate solvency by the end of the second quarter of this year, official data showed.

The average comprehensive solvency ratio of the 186 insurers reviewed at a regulatory meeting stood at 188 percent by the end of the second quarter this year, according to the National Administration of Financial Regulation (NAFR).

Their average core solvency ratio hit 122.7 percent, the NAFR added.

Specifically, the average comprehensive solvency ratio of property insurance companies, life insurance companies, and reinsurance companies stood at 224.6 percent, 178.7 percent, and 275.2 percent, respectively.↳

The NAFR said it will strengthen regulation and promote high-quality development of the insurance industry.↳

The solvency ratio is a key metric to measure an insurer's ability to meet its debt and other obligations.  ■