China’s insurance industry recorded a profit of 204.7 billion yuan ($42.1 billion) last year, more than double that of 2013, the China Insurance Regulatory Commission says.

Total premium income was 2.02 trillion yuan ($415 billion), up 17.5% on 2013.

Capital gains from premium investment were 535.9 billion yuan ($110.24 billion) with a 6.3% rate of return.

The sector’s total assets stood at 10.2 trillion yuan ($2.09 trillion) at December 31, up 22.6%.

Commission Chairman Xiang Junbo has announced plans to set up a national catastrophe insurance fund this year.

An earthquake insurance draft will also be submitted to the State Council.