The total assets of China'sinsurance industry had reached 8.95 trillion yuan (1.45 trillionU.S. dollars) by the end of the first quarter of 2014, up 7.93percent from the start of the year, official data showed on Monday.

The rising assets came after insurance premiums amounted to699.98 billion yuan in the first three months of this year, up 35.9percent year on year, according to data released by the ChinaInsurance Regulatory Commission.

In breakdown, property insurance premiums rose 16.14 percent to175.7 billion yuan in the first quarter, while life insurancepremiums reached 460.74 billion yuan, up 42.9 percent.

During the first quarter, insurance claims totalled 185.93billion yuan in value, up 25 percent.

By the end of March, Chinese insurers' capital investment rose6.97 percent to 8.22 trillion yuan, the data showed. Enditem