Assets under management in China were expected to rise above 5 trillion yuan by the end of the decade, he said.

In a statement, the regulator also gave the latest figures for the first eight months.

-- Insurance premiums from January through August rose 14.0 percent from a year earlier to 382.1 billion yuan ($48.3 billion). That compared with annual growth of 13.3 percent in the January to July period.

-- By the end of August, total assets of insurance companies stood at 1.76 trillion yuan. That was up 228.7 billion yuan, or 15.0 percent, from the beginning of the year, it said.

-- The agency said insurance assets under management hit 1.59 trillion yuan at the end of August, up 12.9 percent from the beginning of the year. ($1=7.9160 yuan)

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