Official data from the National Administration of Financial Regulation (NAFR) has revealed that China's insurance sector reached total assets worth CNY29.6 trillion (US$4.12 trillion) for the third quarter of 2023.

This figure represents a robust year-on-year increase of 10.8%, according to a Xinhua report.

Furthermore, the NAFR reported that China's insurance premium income witnessed an upsurge of 11% year on year to reach CNY4.3 trillion in the first three quarters of 2023. During the same period, however, expenditure reached CNY1.4 trillion, marking a substantial year-on-year increase of 20.1%.

At the end of the first half of 2023, the sector amounted to CNY29.2 trillion, with property and life businesses each seeing growths of 7.8% and 7.1%, respectively. For the first five months, the nation posted CNY2.68 trillion in premium income, a marked 4.5% increase from the year prior.

Elsewhere in the country, the People's Bank of China (PBOC) and the National Administration of Financial Regulation (NAFR) have jointly issued new guidelines that outline the criteria for identifying systemically important insurance companies in the country.

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