The China Insurance Regulatory Commission today detailed the Chinese insurance sector's performance in the first half of this year.

The CIRC says insurance premiums reached about 1.9 trillion yuan, or 285 billion U.S. dollars, in the first half of 2016. That's a 37.3 percent increase year on year. Ordinary life insurance and health insurance led the growth, soaring 80 percent and 90 percent respectively from a year ago.

Meanwhile, insurance compensation was more than 526 billion yuan, up 25 percent year on year.

The industry grew at fast pace but its profit showed a downward trend. The total profit of insurance companies was about 106 billion yuan, down 54 percent from a year ago.

Property insurance companies' profit dropped 44 percent, life insurance fell 66 percent, and re-insurance decreased 59 percent. Asset management saw growth of 17 percent.

Meanwhile, Chinese insurance companies accounted 95 percent of the country's market share in the first half of this year while overseas insurance companies occupied 5 percent.