BEIJING - The solvency ratio of China's insurance sector remained stable in the second quarter of the year, the China Banking and Insurance Regulatory Commission has said.

The average solvency ratio of 176 insurance companies came in at 246 percent at the end of Q2, and that of core assets at 235 percent, both well above the boom-bust line of 100 percent, according to the commission.

The commission said in a statement that its primary task is to prevent and dissolve major risks.

China's insurance sector saw premium income fall 3.33 percent year-on-year to 2.2 trillion yuan ($320 billion) in the first half of the year, official data showed.

By the end of June, the industry had combined assets totaling 17.6 trillion yuan, up 5.35 percent from the beginning of 2018.