JSC Life Insurance Company Freedom Finance Life placed 583,747 shares at a price of KZT1,707.07 per security. The entire indicated volume was acquired by Timur Ruslanovich Turlov, a major shareholder of the company (he owns 85.43% of the shares). Thus, the additional capitalization of the company amounted to 1 billion tenge.
“An increase in the charter capital will allow the company to guarantee customers and partners even greater insurance coverage, as well as realize the tasks set as part of the promotion strategy. The company has big goals for the next few years. Last month, we launched the first retirement annuity program in Kazakhstan with devaluation protection. This is one of the few projects that we are implementing, and in the near future there will be even more such projects,” said Azamat Yerdessov, The Board Chairman of JSC LIC Freedom Finance Life.
Earlier, on January 30, 2019, the company also carried out an additional placement in the amount of 59,998 ordinary shares.
Life insurance company Freedom Finance Life has been in the market since 2014, as of 2018, the company operates under the brand Freedom Finance. During its work, the company has insured more than 335,000 customers in 19 cities of Kazakhstan.
According to the National Bank of the Republic of Kazakhstan as of 01.08.2019:
• Assets - 12,141,007 thousand tenge
• Insurance reserves - 8,416,767 thousand tenge
• Equity – 3,534,043 thousand tenge
• Charter capital – 2,087,268 thousand tenge.