BEIJING — China's insurance industry reported a 2.29-percent year-on-year growth in original premium income in the first quarter (Q1) of 2020, official data showed.

Original premium income totaled 1.67 trillion yuan (about $236.64 billion) during the first three months, the China Banking and Insurance Regulatory Commission (CBIRC) said.

The growth rate was 13.6 percentage points lower than in the same period last year.

In breakdown, the premium income growth of property insurance and life insurance dropped 7.7 percentage points and 15.22 percentage points year-on-year, respectively.

Compensation expenses of the sector were about 303 billion yuan in Q1, down 8.64 percent from the previous year, the CBIRC data showed.

The total assets of the insurance industry stood at 21.72 trillion yuan at the end of March, up 13.66 percent from a year ago.