Chinese insurers' assets up 7.2% in 2018

BEIJING - Total assets of China's insurance sector saw a steady increase last year, with a rise in premium income, the country's top insurance regulator said.

The sector saw assets rise by 7.2 percent year-on-year to 18 trillion yuan ($2.65 trillion) in 2018, while original premium income totaled 3.8 trillion yuan, up 3.9 percent, Liu Zhiqing, an official with the China Banking and Insurance Regulatory Commission, said at a recent meeting.

The rise in premium income came amid tightened regulation last year aimed at defusing financial risks.

The sector has shown a stronger capacity to fend off risks as its overall leverage has gradually dropped and business structure improved, the regulator said in December.