The assets of China's banking and insurance sectors expanded steadily last year, official data released Friday showed.
The total assets of the Chinese banking industry stood at 444.6 trillion yuan (around 61.32 trillion U.S. dollars) at the end of 2024, up 6.5 percent year on year, according to the China Banking and Insurance Regulatory Commission.
The total assets of the insurance sector amounted to 35.9 trillion yuan (about 4.95 billion U.S. dollars), with a growth of 13.9 percent from the beginning of last year.
In 2024 alone, the primary insurance premium income in China's insurance industry jumped 5.7 percent year on year to 5.7 trillion yuan (roughly 786.1 billion U.S. dollars), showed the commission. Meanwhile, the expenditure on claims and benefits reached 2.3 trillion yuan (around 317.2 billion U.S. dollars), up 19.4 percent from a year ago.
The commission also reported that the balance of non-performing loans stood at 3.3 trillion yuan (about 455.11 billion U.S. dollars) at the end of the fourth quarter 2024, dropping 97.7 billion yuan (around 13.47 billion U.S. dollars) from the end of the previous quarter.
In addition, the non-performing loan ratio of China's commercial banks came in at 1.50 percent at the end of December 2024, down 0.05 percentage points from the end of September 2024.
China banking, insurance sectors' assets up in 2024
