China's insurance premium income went up 10.68 percent year on year in the first five months, according to the National Administration of Financial Regulation (NAFR).

Premium income reached around 2.68 trillion yuan (about 371 billion U.S. dollars) during the January-May period, the NAFR said.

The total assets of China's insurance sector amounted to 28.4 trillion yuan at the end of the first quarter of 2023, according to the NAFR.

It added that the figure marked an increase of 4.5 percent from the beginning of the year.