BEIJING -- China's insurance sector maintained steady operation and adequate solvency in the first quarter of the year, the country's financial regulator said.

The average comprehensive solvency ratio of the 185 insurers reviewed at a regulatory meeting was 190.3 percent by the end of March, and their average core solvency ratio was 125.7 percent, said the National Financial Regulatory Administration.

The sector saw better-than-expected development, and its solvency ratio remained within an appropriate range in the first quarter, said the administration.

Specifically, the average comprehensive solvency ratios of property insurance companies, life insurance companies, and reinsurance companies stood at 227.1 percent, 180.9 percent, and 277.7 percent, respectively.

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