BEIJING, April 30 -- Financial institutions in China's banking sector saw a steady expansion in assets in the first quarter of the year, data from the country's top banking and insurance regulator showed.

Total assets of financial institutions in the sector stood at 397.3 trillion yuan (about 57.38 trillion U.S. dollars) as of the end of March 2023, up 11 percent year on year, according to the China Banking and Insurance Regulatory Commission.

During the period, assets of insurance companies expanded 10.5 percent year on year to 28.4 trillion yuan, the data revealed.

China's insurers raked in 1.95 trillion yuan in insurance premiums, expanding 9.2 percent year on year, according to the regulator.