A cashier at a bank in Taiyuan, Shanxi province counts renminbi notes. [Photo/China News Service]

BEIJING – China’s insurance premium income went up 7.8 percent year-on-year in the first quarter of 2021, data from the country’s top insurance regulator showed.

Premium income reached 1.8 trillion yuan ($278.2 billion) during the January-March period, according to the China Banking and Insurance Regulatory Commission.

By the end of March, the industry had combined assets totalling 24.3 trillion yuan, up 11.7 percent from a year earlier.

Authorities have moved to tighten regulation on the insurance sector in recent years as they put priority on preventing systemic financial risks.