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Forbes Kazakhstan published insurers’ rating

Forbes Kazakhstan with assistance of KPMG in Kazakhstan and Central Asia, has published the life insurance companies’ ranking. LIC Nomad Life with an overall synthetic score of 25 (a year earlier it was the second) was the first in the top LICs by nine indices.
Forbes Kazakhstan published insurers’ rating

LIC Nomad Life is a leader in total premiums having attracted 60.9 billion tenge. In terms of insurance classes, the maximum amount of life insurance premiums was collected by Narodny Bank Subsidiary Company on life insurance Halyk Life. The company increased premiums by 5% compared to 2019 collecting 35.2 billion tenge. LIC Nomad Life became the leader in the annuity insurance class premiums. The growth in insurance premiums of the company was 12.7%, up to 51 billion tenge. The results of 2020 showed an increase in life insurance benefits by 58.3% to 4.4 billion tenge compared to 1.8 billion a year earlier.

1. JSC LIC Nomad Life

S&P Global Ratings: BB+/Stable (19.10.2020)

The Board Chairman is Kairat Chegebayev

The major portfolio shares are retirement annuity and life insurance

As of end of 2020, LIC Nomad Life has become the largest life insurance company in the sector outstripping LIC Halyk Life. Its assets made 208.7 billion tenge, which was 54.3% more than a year earlier. In terms of equity capital, which has grown by 41% over the year, it is in the second place with 24.9 billion tenge. The company retained its leadership in the net profit - KZT 13.1 billion, which was 24% more than in the previous year. It also remained the first in terms of capital efficiency (ROE) - 62%.

The ultimate beneficiary of JSC LIC Nomad Life is Almas Mynbayev (#47 of the richest businessmen rating by Forbes Kazakhstan).

2. JSC LIC Freedom Finance Life

S&P Global Ratings: B/Positive (26.03.2021)

The Board Chairman is Azamat Yerdessov

The major portfolio shares are CAI, retirement annuity and life insurance

The company is the third in the sector in terms of assets, which have increased 2.6 times over the past year and amounted to KZT 47.4 billion against 18.1 billion a year earlier. It moved up from the seventh place to the second in terms of equity capital efficiency (ROE), which was 38% against 12.3% in 2019. Net profit grew 4.6 times, from 468 million to 2.2 billion tenge.

In March 2021, S&P Global Ratings confirmed the company's credit ratings at B level and revised the outlook from Stable to Positive.

The sole shareholder is Timur Turlov.

3. JSC LIC Eurasia

S&P Global Ratings: ВBB-/Stable (06.21.2021)

The Board Chairman is Gulmira Ubegaliyeva

The major portfolio shares are CAI and life insurance

As of end of 2020, the company's assets are 31.5 billion tenge (6th place), having increased 2.7 times compared to the previous year. Equity capital grew by 75%, from 6.1 billion to 10.7 billion tenge (3rd place). LIC Eurasia has earned 1.6 billion tenge of net profit over the year, against 705 million in 2019.

S&P Global Ratings confirmed the long-term credit rating of the issuer and the financial strength rating of JSC Life Insurance Company Eurasia at BBB- maintaining the “Stable” outlook this June.

JSC LIC Eurasia is a subsidiary of JSC IC Eurasia.

4. JSC Subsidiary Company of Halyk Bank of Kazakhstan on life insurance Halyk-Life

A.M. Best: B+/Positive (18.02.2021)

The Board Chairman is Zhanar Zhubaniyazova

The major portfolio shares are life and annuity insurance

Halyk-Life is the second largest Kazakhstani LIC with assets of 197.3 billion tenge, which is 12% more than 176.2 billion a year earlier. The company earned 12.7 billion tenge (2nd place) in 2020 against 8.44 billion in 2019.

A.M. Best confirmed the company's financial strength rating at B+ maintaining its “Positive” outlook in February 2021.

5. JSC LIC KM Life

The Board Chairman is Nazym Bekbolatova

The major share of the portfolio is CAI

LIC KM Life obtained the license to carry out insurance activities in November 2019. As of end of 2020, its assets amounted to 18.2 billion tenge showing an annual growth of 87.5%.

The equity capital increased by 14.6% and amounted to 5.98 billion tenge. The company has earned 700 million tenge over the year against a loss of 122 million tenge in 2019.

Larissa Kargapolova is a major participant in JSC LIC KM Life.

6. JSC LIC Standard Life

Fitch Ratings: B/Stable (13.01.2021)

The Board Chairman is Yerzhan Konurbayev

The major portfolio shares are annuity insurance and CAI

The company is the fourth largest in the sector with assets of 41.2 billion tenge, which is 18.8% more than 34.7 billion as of end of 2019. The net profit amounted to 1.84 billion against 1.4 billion, respectively.

Fitch Ratings confirmed the financial strength rating of JSC Life Insurance Company Standard Life at level B, outlook “Stable” in January 2021.

Maksat Alzhanov is the major participant in the company with a 20.17% share.

7. JSC LIC European Insurance Company

The Board Chairman is Dmitry Nadirov

The major portfolio share is life insurance.

As of end of 2020, the company took the eighth place in terms of assets - 16.7 billion tenge and fourth in terms of equity - 8.6 billion. The net profit for the year has dropped by 38% to 1.5 billion tenge from 2.4 billion in 2019.

The sole shareholder is Richard Benishek, a citizen of the Czech Republic.

8. JSC LIC State Annuity Company

The Board Chairman is Galym Amerkhodzhayev

The major portfolio shares are CAI and retirement annuity

As of last year, the company's assets amounted to 38.8 billion tenge, which was 4.1% more than 37.3 billion in 2019. Over the year, it has collected 2.6 billion in premiums or 52% less than a year earlier. The net profit amounted to 1.1 billion tenge against 818 million, respectively.

The sole shareholder of the company is the government of the Republic of Kazakhstan.

Source: https://forbes.kz//leader/reyting_strahovyih_kompaniy_-_2021_1630461820/?

Photos are from open sources

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