China's insurance sector provided risk protection worth 3,115 trillion yuan (467 trillion U.S. dollars) for the whole of society in the first five months, the China Banking and Insurance Regulatory Commission has said.

The sector remains stable and its solvency ratio is generally strong, with continued progress made on services for social and economic development, according to the commission.

Premium income of China's insurance sector dropped 5.86 percent year-on-year to 1.91 trillion yuan in the first five months, while compensation expenses increased 2.36 percent to 501.59 billion yuan.

Total industry assets stood at 17.5 trillion yuan at the end of May, up 4.51 percent from the beginning of the year.