BEIJING — China's insurance sector maintained steady operation last year, with the solvency adequacy ratio remaining in an appropriate range, said the country's banking and insurance regulator.

The average comprehensive solvency ratio of the 178 insurers reviewed at a regulatory meeting stood at 246.3 percent by the end of 2020, according to the China Banking and Insurance Regulatory Commission (CBIRC).

Their average core solvency ratio hit 234.3 percent, said the CBIRC.

Specifically, the average comprehensive solvency ratio of life insurance companies, property insurance companies and reinsurance companies stood at 239.6 percent, 277.9 percent and 319.3 percent, respectively.

The solvency ratio is a key metric to measure an insurer's ability to meet its debt and other obligations.