Photo taken on Jan. 14, 2021 shows a night view of Lujiazui in Pudong of east China's Shanghai Municipality. (Xinhua/Fang Zhe)
BEIJING, Dec. 12 (Xinhua) -- China's insurance sector maintained steady performance and reported adequate solvency in the third quarter of this year, the country's banking and insurance regulator has said.
The average comprehensive solvency ratio of the 179 insurers reviewed by a regulatory meeting was 240 percent by the end of September, and their average core solvency ratio was 227.3 percent, said the China Banking and Insurance Regulatory Commission (CBIRC).
The sector's solvency ratio has remained at a high level within a reasonable range, and the risks are generally controllable, the CBIRC noted.
Specifically, the average comprehensive solvency ratio of property insurance companies, life insurance companies and reinsurance companies stood at 285.6 percent, 231.6 percent and 307.3 percent, respectively.
The solvency ratio is a key metric to measure an insurer's ability to meet its debt and other obligations.
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