This photo taken on May 18, 2023 shows the National Administration of Financial Regulation in Beijing. (BAI JIKAI / FOR CHINA DAILY)

BEIJING - The total assets of China's insurance sector amounted to 29.6 trillion yuan (about $4.12 trillion) at the end of the third quarter of this year, official data showed.

The figure was up 10.8 percent year-on-year, according to the National Administration of Financial Regulation (NAFR).

China's insurance premium income went up 11 percent year-on-year to 4.3 trillion yuan in the first three quarters of 2023, the NAFR said.

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During the same period, expenditure on compensation and payment reached 1.4 trillion yuan, an increase of 20.1 percent year-on-year, the NAFR added.