China's insurance sector maintained steady operation and reported adequate solvency in the first quarter of this year, the country's banking and insurance regulator said.
The average comprehensive solvency ratio of the 180 insurers reviewed by a regulatory meeting was 224.2 percent by the end of March, and their average core solvency ratio was 150 percent, said the China Banking and Insurance Regulatory Commission.
The sector's solvency ratio has remained within an appropriate range, and the risks are generally controllable, the commission said.
Specifically, the average comprehensive solvency ratio of property insurance companies, life insurance companies and reinsurance companies stood at 236.3 percent, 219.3 percent and 298.5 percent, respectively.
The commission said that it will make persistent efforts to fend off financial risks and promote high-quality development of the insurance industry.
The solvency ratio is a key metric to measure an insurer's ability to meet its debt and other obligations.