BEIJING - China's insurance sector maintained steady operation and adequate solvency in the last quarter of 2022, the country's banking and insurance regulator said.

The average comprehensive solvency ratio of the 181 insurers reviewed at a regulatory meeting was 196 percent by the end of last year, and their average core solvency ratio was 128.4 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 added.

Specifically, the average comprehensive solvency ratios of property insurance companies, life insurance companies and reinsurance companies stood at 237.7 percent, 185.8 percent and 300.1 percent, respectively.

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