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Rating of LIC Halyk-Life upgraded

AM Best agency has upgraded the financial strength rating of LIC Halyk-Life from 'B+' to 'B++', as well as its long-term issuer credit rating from 'bbb-' to 'bbb'. The outlook on the ratings is Stable, according to the life insurance company’s press service.
Rating of LIC Halyk-Life upgraded

According to the international rating classifier, long-term ratings of Halyk-Life are the highest among Kazakhstani life insurance companies.

The Company's operating performance improvement in recent years contributed to upgrade, backed by solid investment returns. Besides, the Company increased the return on equity in 2022 compared to 2021 by 13.8% (from 21.8% to 35.6%). The weighted average of this indicator for five years (2018–2022) was about 31%.

AM Best expects that the company will continue to demonstrate strong operating results based on life insurance and annuity portfolio growth, as well as actions the Company takes to reduce its operating costs. The analysts at AM Best also rate the Company's capital sufficiency at a high level based on solid operating results and dividend policy that allows it to maintain sufficient earnings to support growth plans. AM Best expects that the Company's capital adequacy will remain at this level in the future.

“We are very pleased that another reputable international agency highly appreciated our work. the undertaken rating actions of the international agency once again confirm that the strategic course taken by the company is correct. We believe this will have an additional impact on strengthening the market position and expanding the presence in the domestic market, as well as increasing the company's client base. High ratings demonstrate the Company's strong position in the market, its ability to meet its obligations, including the occurrence of an insurance event,” commented Zhanar Zhubaniyazova, the Board Chairman of Halyk-Life.

Photo by the press service of LIC Halyk-Life

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