The premium income received by China’s insurance firms hit 2.4 trillion yuan ($364.85 billion) in 2015, the industry regulator said on Monday.

This means insurance premium income rose 20 percent last year from 2014, Chen Yingdong, a spokesman for the China Insurance Regulatory Commission, told a conference in Beijing.

Industry profits were 282.36 billion yuan last year, an on-year rise of 38 percent, said Chen.

($1 = 6.5781 Chinese yuan) (Reporting by Shu Zhang in Beijing and Engen Tham in Shanghai; editing by Richard Borsuk)