China's insurance sector has reported adequate solvency in the first quarter (Q1) of this year despite increased operation pressure, the country's banking and insurance regulator said.

The comprehensive solvency ratio of the 178 insurers reviewed by a regulatory meeting stood at 244.6 percent by the end of Q1, down 3.1 percentage points compared with the previous quarter, said the China Banking and Insurance Regulatory Commission (CBIRC).

Though the development of the sector slowed in Q1 due to COVID-19 and other factors, risks are generally controllable, the CBIRC noted.

The solvency ratio is a key metric to measure an insurer's ability to meet its debt and other obligations.

China's insurance sector has kept optimizing its services, increased support for epidemic containment and facilitated work and production resumption, the CBIRC said, urging insurance institutions to increase funds and build up their risk compensation capacity to better promote economic development. Enditem