BEIJING — China's insurance premium income went up 4.2 percent year-on-year in the first half of 2021, data from the country's top insurance regulator showed.

Premium income reached 2.7 trillion yuan (about $416.7 billion) during the January-June period, according to the China Banking and Insurance Regulatory Commission.

As of the end of June, combined assets of the insurance industry totaled 24 trillion yuan, up 7.4 percent from the beginning of the year.

Authorities have moved to tighten the regulation of the insurance sector in recent years as they prioritize the prevention of systemic financial risks.