China's insurance sector sees profits double

China's insurance industry recorded profit of 204.7 billion yuan last year, more than double the amount of the previous year. [Yan Daming /Asianewsphoto]

China's insurance industry recorded profit of 204.7 billion yuan last year, more than double the amount of the previous year, the country's insurance regulator said on Friday.

Capital gains from premium investment stood at 535.9 billion yuan with a rate of investment return of 6.3 percent, according to a press document from the China Insurance Regulatory Commission.

Total premium income by insurance companies reached 2.02 trillion yuan last year, up by 17.5 percent year-on-year. The sector's total assets stood at 10.2 trillion yuan as of the end of last year, increasing by 22.6 percent from the level in the beginning of 2014, according to the document.

The country has made steady progress in the reform of insurance fund investment. Last year, the regulator loosened restrictions for insurance companies to invest in the ChiNext board, China's Nasdaq-style board comprised of high-tech companies and those with high growth potential.

The regulator also allowed overseas and private investors to enter the country's insurance sector and raised their share holding limit in mergers and acquisitions to 20 percent.