BEIJING -- China's insurance industry reported 4.3 trillion yuan (about $614.29 billion) of premium income in 2019, up 12.2 percent year on year, official data showed.

The growth rate was 13.7 percentage points higher than the previous year, the People's Bank of China said in its latest quarterly monetary policy implementation report.

The total assets of the insurance industry were 20.6 trillion yuan at the end of 2019, up 12.2 percent year on year.

The growth rate was 2.8 percentage points higher from a year earlier.

Among the total assets, bank deposits rose 3.5 percent year on year, while investment assets climbed 14.5 percent year on year.