BEIJING -- The total assets of China's insurance sector amounted to 29.6 trillion yuan ($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.

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.