Among the life insurance companies, LIC Halyk-Life remains the largest by assets with 365.2 billion tenge, LIC Nomad Life (304.3 billion tenge) is second, Freedom Finance Life (138.3 billion tenge) is third. The maximum dynamics of growth in regulatory assets for the first nine months of 2023 was demonstrated by LIC Kommesk-Omir, 97%. The assets of KM Life built up by 25%, and those of Halyk-Life — by 24.8%.
JSC Life Insurance Company Halyk-Life
S&P Global Ratings: BBB-/stable (28.06.2024)
A.M. Best: B++/ stable (15.04.2024)
Chairman of the Board - Zhanar Zhubaniyazova
The major share of the portfolio is life insurance, retirement annuity insurance, and CAI. LIC Halyk-Life remains the largest among companies in the life insurance sector. At the end of 2023, its regulatory assets amounted to 365 billion tenge. The company also ranks first in regulatory capital in the amount of 96.9 billion tenge. Over the year, it has become the leader in profitability earning 52 billion tenge, which is 3 times more than 17 billion tenge in the previous period. Insurance reserves have increased by 18.7% over the year, to 261 billion tenge.
JSC LIC Nomad Life
S&P Global Ratings: BB+/positive (28.02.2024)
Chairman of the Board - Yerlan Kambetbayev
The major share of the portfolio is life insurance, SESS, retirement annuity insurance, CAI. LIC Nomad Life is the second largest company in the sector with regulatory assets of 304.3 billion tenge. In terms of regulatory capital, the company ranks fourth with 25 billion tenge. The company has earned 19.3 billion tenge over the year becoming the second most profitable in the sector. Its insurance reserves increased by 10%, to 224.3 billion tenge.
JSC LIC Freedom Finance Life
S&P Global Ratings: BB/stable (02.07.2024)
Chairman of the Board - Azamat Yerdessov
The major share of the portfolio is retirement annuity insurance, accident insurance, life insurance, and CAI.
At the end of 2023, LIC Freedom Finance Life became the third largest insurer in the sector in terms of regulatory assets in the amount of 138.3 billion tenge. By regulatory capital, the company became the second with 34.6 billion tenge. Over the year, it has earned 14 billion tenge, which is 40% more than the previous 10.6 billion tenge. The company's insurance reserves grew by 45.7%, to 80.9 billion tenge.
JSC LIC KM Life
Chairman of the Board - Nazym Bekbolatova
The major share of the portfolio is CAI, accident insurance and retirement annuity insurance. LIC KM Life is the fourth largest company in the sector with regulatory assets of 78 billion tenge. Regulatory capital is 13 billion tenge. The company's net profit for the year is 4 billion tenge against 3.7 billion tenge a year earlier. Its insurance reserves increased by 46.5% to 58.6 billion tenge.
JSC LIC Eurasia
S&P Global Ratings: BBB-/stable (24.06.2024)
Chairman of the Board - Saken Shandybayev
The major share of the portfolio is voluntary health insurance, retirement annuity insurance, CAI. At the end of 2023, the regulatory assets of LIC Eurasia were 73.6 billion tenge, and the regulatory capital was 26 billion tenge. Net profit for the year was 6.4 billion against 5.7 billion tenge in the previous year. The company's insurance reserves decreased by 8% to 41.5 billion tenge.
LIC European Insurance Company
Chairman of the Board - Dmitry Nadirov
The major share of the portfolio is life insurance, accident insurance, and voluntary health insurance. At the end of 2023, the regulatory assets of LIC European Insurance Company amounted to 50 billion tenge, and the regulatory capital was 30 billion tenge. Over the year, the company has earned 6.8 billion tenge. Its insurance reserves dropped by 1.6%, to 18.4 billion tenge.
JSC LIC Standard Life
Fitch: B+/stable (30.10.2023)
Chairman of the Board - Galym Amerkhodzhayev
The major share of the portfolio is CAI, retirement annuity insurance, and life insurance. LIC Standard Life is the seventh company in the sector by assets with 48.6 billion tenge, and the eighth by regulatory capital, 8.5 billion tenge. Over the year, it has earned 862 million tenge against 2.3 billion tenge a year earlier. The company's insurance reserves declined by 2.7%, to 38.8 billion tenge.
JSC LIC State Annuity Company
Chairman of the Board - Kuanysh Mukazhanov
A major share of the portfolio is retirement annuity insurance, CAI. As of end of 2023, the regulatory assets of LIC State Annuity Company amounted to 36.2 billion tenge, regulatory capital - 2.7 billion tenge. The company ended the year with a 1.6 billion tenge loss against a 798 million tenge net profit a year earlier. Its insurance reserves built up by 7%, to 33.2 billion tenge.
JSC LIC Kommesk-Omir
Chairman of the Board - Oleg Khanin
A major share of the portfolio is retirement annuity insurance, CAI. The regulatory assets of LIC Kommesk-Omir amounted to 23.9 billion tenge, and regulatory capital - 10.3 billion tenge in 2023. The company ended the year with a loss of 489 million tenge, compared to a loss of 887 million tenge in 2022. The insurance reserves increased by 86% to 12.7 billion tenge.
Source: https://forbes.kz/articles/renking-strahovyh-kompaniy-2024
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