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S&P confirmed the rating of LIC Nomad Life at the level of “BB+”

The rating agency S&P Global Ratings confirmed the long-term financial strength rating and issuer credit rating of LIC Nomad Life at the level of “BB+”. The forecast for changes in ratings is “Stable”. The company's national scale rating is “kzAA”.
S&P confirmed the rating of LIC Nomad Life at the level of “BB+”

According to analysts, the Company has taken effective measures to maintain its capitalization level. Capital adequacy is expected to gradually improve to level A, supported by the projected stabilization of profit carriers in 2023-2024. The agency also notes a significant increase in business volume over the past five years; the return on investment of LIC Nomad Life will allow it to fulfill financial obligations under insurance contracts with investment guarantees.

“LIC Nomad Life is characterized by a strong market position, significant distribution network and well-recognized brand. Besides, it is the second largest company in the Kazakhstani life insurance market, including the market share in terms of gross written insurance premium, including fees on insurance product with investment component,” S&P experts emphasize.

“Confirmation of ratings by S&P Global Ratings is an important indicator of reliability and high efficiency of our company. We will continue to systematically implement the customer-centric strategy and development of modern insurance products. Focus on digitalization will speed up the adoption of business solutions and increase the company’s competitiveness,” noted Yerlan Kambetbayev, Chairman of the Board of LIC Nomad Life commenting on the analysts’ decision.

According to the National Bank of the Republic of Kazakhstan, as of October 1, 2023, the assets of LIC Nomad Life exceed 297 billion tenge, equity capital - 25 billion tenge, charter capital - 3.3 billion tenge, and insurance reserves – over 220 billion tenge.

Source: disclosure.spglobal.com 

Photos are from open sources.

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