SHANGHAI (Bloomberg) — China's insurance premiums grew 22 percent to 416.3 billion yuan ($54.8 billion) in the first seven months from a year earlier, the nation's industry regulator said.

Life insurance premiums rose 16 percent to 294 billion yuan, the China Insurance Regulatory Commission said in a statement posted on its Web site yesterday. Property and casualty cover generated premiums of 122.2 billion yuan, an increase of 39 percent.

Total assets at China's insurers stood at 2.59 trillion yuan in the first seven months. Insurers had 701.1 billion yuan in bank deposits, down from 753.7 billion yuan in the first six months, and 1.63 trillion yuan in stocks, bonds and corporate debt, up from 1.55 trillion yuan, the regulator said.