BEIJING, March 21 (Xinhua) -- New China Life Insurance Company Ltd announced on Wednesday that its asset value had grown 1.6 percent year on year to 710.28 billion yuan (112.74 billion U.S. dollars) at the end of 2017.

The company raked in 109.29 billion yuan of premium revenue in 2017,according to a statement the insurer filed with Shanghai Stock Exchange.

Premium revenue from health insurance came in at 31.26 billion yuan, up 33 percent year on year. It takes on average 1.21 days for the company to settle an insurance claim.

The company's solvency ratio stood at 281.67 percent, and that for the core asset reached 275.93 percent, all above the boom-bust line.

The annualized ratio of return on investment reached 5.2 percent in 2017, according to the statement.