The rating upgrade reflects a significant improvement in the Company's assessment of the Company's capital adequacy.
According to the S&P report, LIC Freedom Life demonstrated a strong profitability and significant retained earnings in 2023. The Company is expected to maintain a strong earnings generation capacity and its credit profile will be positively impacted by management's continued focus on prudent asset allocation policies.
S&P currently notes the company's important role in implementing Freedom Holding Corp.'s long-term business development strategy.
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