BEIJING, Feb. 14 (Xinhua) -- China's insurance sector reported steady premium income growth in 2020 and helped support social and economic development, according to the China Banking and Insurance Regulatory Commission.

File photo: CFP

Chinese insurers' premium income totaled 4.5 trillion yuan (about 699 billion US dollars) in 2020, up 6.1 percent year on year, said the commission.

In 2020, insurance compensation stood at 1.4 trillion yuan, up 7.9 percent from a year earlier, data showed.

By the end of 2020, total assets of the sector reached 23.3 trillion yuan, up 13.3 percent from the previous year.