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 179 insurers reviewed at a regulatory meeting stood at 232.1 percent by the end of 2021, according to the China Banking and Insurance Regulatory Commission.

Their average core solvency ratio hit 219.7 percent, said the commission.

Specifically, the average comprehensive solvency ratio of property insurance companies, life insurance companies, and reinsurance companies stood at 283.7 percent, 222.5 percent, and 311.2 percent, respectively.

The commission said it will firmly guard against systemic financial risks and promote high-quality development of the insurance industry.

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