BEIJING, June 4 (Xinhua) -- China's insurance industry went through the first quarter of this year with high level of solvency adequacy ratio and stable risk ratings structure, reported Xinhua-run Xinhua Finance Thursday.
The report cited news posted on website of China Banking and Insurance Regulatory Commission (CBIRC) as saying, highlighting that average solvency adequacy ratio and core solvency adequacy ratio of the 179 insurers reviewed on CBIRC's meeting stood at 246.7 percent and 234 percent by the end of March.
For life insurers, property insurers and reinsurance companies of them, average comprehensive solvency adequacy ratios reached 238.6 percent, 285.4 percent and 336.2 percent respectively by the end of the first quarter.
Among the 179 insurers, 100 ones were rated as type A in terms of comprehensive risk rating and 72 ones were classified as type B. Four and two of the remaining ones were rated as type C and type D, both of which mean, however, failure to meet the regulatory requirements.
According to the CBIRC, China's insurance industry remained generally stable with controllable risks since the beginning of this year.
During the 14th Five-Year Plan period or 2021-2025, the Chinese banking and insurance regulator vowed to adhere to the bottom-line thinking and effectively prevent and solve financial risks to foster high-quality development of the insurance industry. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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