Foreign insurers racked up a total of 16.28 billion yuan (2.11 billion U.S. dollars) in premium income in China in the first half of the year, taking a 4.38-percent market share, according to official figures released on Tuesday.

By the end of June, the 45 foreign insurers, from 15 countries and running 128 outlets in China, saw their total assets account for 4.56 percent in China's insurance sector, said Yuan Li, spokesman with the China Insurance Regulatory Commission.

Foreign life insurers reported premium income of 14.99 billion yuan, holding a 5.9-percent market share, while non-life insurers received 1.28 billion yuan, with a 1.13-percent market share.

Yuan said foreign insurers should better acquaint themselves with the Chinese market, while domestic insurers should learn from foreign ones in risk control, corporate governance and product development.

"As some insurance companies looked to become the managers of corporate annuity funds, they would need to set up pension fund companies," said Yuan.

"But China lacks specific regulations about whether foreign insurers are permitted to do so. We will further research the issue and announce the results as soon as possible," said Yuan.