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Halyk-Life got a positive outlook on its rating

The international rating agency AM Best affirmed JSC Halyk-Life with a long-term credit rating of BBB- and a financial stability rating of B+ (Good), and also changed its rating outlook from Stable to Positive.
Halyk-Life got a positive outlook on its rating

According to the agency’s analysts, the rating action in relation to revising forecasts from positive to stable reflects the improvement in Halyk-Life’s operating performance in recent years supported by the savings due to the merger with JSC Kazkommerts-Life in 2018 and good investment return. In addition, the return on equity of JSC Halyk-Life amounted to 33% (in 2018 - 24%) in 2019.  

The company's ratings reflect the stability of the balance sheet of JSC Halyk-Life, as well as the satisfactory performance of the company. The stability of company's balance sheet is based on the capital adequacy ratio which is classified by AM Best as the strongest. The Agency expects the insurer's capitalization will continue to remain at the highest level which is facilitated by good operating results and a dividend policy that allows maintaining a sufficient level of retained earnings to support the company's strategic growth plans.

AM Best evaluates the company's capital management system improvements as positive, including the introduction of a risk-based capital concept to assess its adequacy. The investment portfolio of the company is conservative: as of end of 2019, fixed income securities, cash and bank deposits account for more than 90% of company's investments.

JSC Halyk-Life is a leading insurer in the Kazakhstani life insurance market with a 39% market share as of 2019.

Source: https://hubbis.com/article/the-adapting-hnw-life-insurance-business-in-asia

Photos are from open sources.

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