BEIJING — China's insurance sector reported steady premium income growth in 2020 and helped support social and economic development, according to the China Banking and Insurance Regulatory Commission.

Chinese insurers' premium income totaled 4.5 trillion yuan (about $699 billion) in 2020, up 6.1 percent year-on-year, said the commission.

In 2020, insurance compensation stood at 1.4 trillion yuan, up 7.9 percent from a year earlier, data showed.

By the end of 2020, total assets of the sector reached 23.3 trillion yuan, up 13.3 percent from the previous year.