China's insurers raked in 159.65 billion yuan (20 billion U.S. dollars) in premiums during the first quarter of the year, an rise of 8.1 percent from a year ago.

Government figures show life insurance grew rapidly in the first three months, with premium income hitting 109.88 billion yuan (13.74 billion dollars), up 7.27 percent over the same period last year.

Industrial insurance premiums reached 36.95 billion yuan, while health and accident premiums stood at 8.96 billion and 3.85 billion yuan respectively.

China's largest commercial insurance firm, China Life Insurance Company, contributed the most to the sector's rapid expansion in the first quarter, with premiums exceeding 10 billion yuan.

New China Life Insurance recorded the fastest growth with premiums surging 67 percent year-on-year to 7.635 billion yuan.

In the last two decades, the industry has seen robust growth with premium revenues rising an average 30 percent annually.

Source: Xinhua