Official data released by the National Financial Regulatory Authority of China revealed that the total assets of the Chinese insurance sector amounted to 28.4 trillion yuan (about 4.04 trillion US dollars) by the end of the first quarter of 2023.
The authority’s data indicated that the figure increased by 4.5% compared to the beginning of this year.
The data also showed that insurance premium income grew 9.2 percent year on year to 1.9 trillion yuan in the first three months of this year, while spending on compensation and payments reached 493.2 billion yuan during the period, up 9.3 percent year on year.
