Assets of China's insurance companies log steady expansion

File photo shows a staff member of a bank counting cash in China. (Xinhua/Zhang Chunlei)

BEIJING, Aug. 18 (Xinhua) -- The total assets of China's insurance sector amounted to 29.2 trillion yuan (about 4.06 trillion U.S. dollars) at the end of the second quarter of this year, official data shows.

The figure was up 7.6 percent from the beginning of the year, according to the National Financial Regulatory Administration.

Specifically, the assets of property insurers rose 7.8 percent from the beginning of 2023 to 2.9 trillion yuan, while that for life insurers climbed 7.1 percent to 25 trillion yuan.

The assets of reinsurance companies and insurance asset management firms went up 10.3 percent and 3.5 percent, respectively, from the beginning of this year, the data shows.