BEIJING, Feb. 15 -- The total assets of China's insurance sector amounted to 27.1 trillion yuan (3.97 trillion U.S. dollars) at the end of 2022, official data showed Wednesday.

This figure was 2.3 trillion yuan more than that at the beginning of 2022, said the China Banking and Insurance Regulatory Commission.

The total assets of the sector grew steadily in 2022 as it continued to strengthen efforts to serve the real economy, the commission said.

Combined insurance premium incomes stood at 4.7 trillion yuan, while expenditure on compensation and payment reached 1.5 trillion yuan in 2022.