BEIJING - China's total insurance premiums likely rose 33 percent year-on-year to 1.47 trillion yuan ($222.73 billion) in 2010, the industry regulator said Tuesday.

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Total insurance sector assets reached 5 trillion yuan at the end of 2010, said Wu Dingfu, chairman of the China Insurance Regulatory Commission, when speaking at a national work conference in Beijing.

Total profit of the industry amounted to 60.7 billion yuan last year, Wu said.

Property premiums rose 35 percent to 389.4 billion yuan while life insurance premiums climbed 31 percent to 1.08 trillion yuan last year, Wu said.

China's insurance industry has huge growth potential, as demand for pension and medical insurance will increase, he said.