The total assets of China’s insurance sector amounted to 28.4 trillion yuan (about $4.04 trillion) at the end of the first quarter of 2023, revealed official data by the National Financial Regulatory Administration (NAFR) of China.

The figure was up 4.5% from the beginning of the year, according to the NAFR.

The insurance sector’s premium income expanded 9.2% year on year to 1.9 trillion yuan in the first three months, the data showed.

Their expenditure on compensation and payment reached 493.2 billion yuan during the period, up 9.3% year on year.

Source: Qatar News Agency