Assets of China's insurance companies see steady expansion

This photo taken on May 18, 2023 shows the National Administration of Financial Regulation (NAFR) in Beijing, capital of China. (Xinhua/Li Xin)

BEIJING, Oct. 22 (Xinhua) -- The total assets of China's insurance sector amounted to 29.6 trillion yuan (about 4.12 trillion U.S. dollars) at the end of the third quarter of this year, official data showed.

The figure was up 10.8 percent year on year, according to the National Administration of Financial Regulation (NAFR).

China's insurance premium income went up 11 percent year on year to 4.3 trillion yuan in the first three quarters of 2023, the NAFR said.

During the same period, expenditure on compensation and payment reached 1.4 trillion yuan, an increase of 20.1 percent year on year, the NAFR added.