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The Halyk-Life JSC financial strength rating is confirmed at the level of B+ (Good) and the long-term credit rating at the level of "bbb-"

In March 2019, AM Best confirmed a financial strength rating of Halyk-Life JSC at the level of B+ (Good) and a long-term emitent credit rating at the level of “bbb-”. The forecast on these credit ratings is stable, the press service of Halyk-Life JSC reports.
The Halyk-Life JSC financial strength rating is confirmed at the level of B+ (Good) and the long-term credit rating at the level of "bbb-"

According to agency analysts, the rating confirmation with "stable" prognosis is due to the fact that JSC Halyk-Life successfully completed the reorganization in the form of a merger with JSC Kazkommerts-Life in November 2018. This rating also reflects the balance of JSC Halyk-Life, which AM Best classified as very strong, adequate operating index, limited business profile and marginal risk management of the company, the press service said.

"The stability of the balance sheet of JSC Halyk-Life is supported by strong capitalization adjusted for risk, which is measured by the capital adequacy ratio," the company said. AM Best agency expects that the company's capitalization will remain at the highest level supported by sustainable internal stock generation.

JSC Halyk-Life is a leader in the Kazakhstani life insurance market, with an estimated 44% share after the merger, based on the gross volume of insurance premiums collected in 2018. AM Best agency expects that the merger with JSC Kazkommerts-Life will strengthen the competitiveness of JSC Halyk-Life in such segments as retirement annuities and universal life insurance, despite the risks associated with the growing level of competition in the Kazakhstani life insurance market. The activity of JSC Halyk-Life is limited to the Kazakhstani insurance market, which by international standards is small and still subject to high regulatory risk.

"The operational index of JSC Halyk-Life shows a good level, - says the company's press service - as the estimated five-year (2014-2018) weighted average capital return of 23% proves. Overall the profit of JSC Halyk-Life is due mainly by significant business growth and positive investment indicators, despite the fact that the company's investment portfolio is relatively conservative."

Reference

JSC LIC Halyk-Life, the Subsidiary of Narodny Bank of Kazakhstan, was founded in 2005. JSC Halyk Bank of Kazakhstan, the largest Bank of Kazakhstan, is the sole shareholder. The license to carry out insurance activity was issued in 2006, and renewed on November 4, 2016 with the No. 2.2.41 due to a change in the actual address of the Company’s head office.

Photos are from open sources.

According to agency analysts, the rating confirmation with "stable" prognosis is due to the fact that JSC Halyk-Life successfully completed the reorganization in the form of a merger with JSC Kazkommerts-Life in November 2018. This rating also reflects the balance of JSC Halyk-Life, which AM Best classified as very strong, adequate operating index, limited business profile and marginal risk management of the company, the press service said.

"The stability of the balance sheet of JSC Halyk-Life is supported by strong capitalization adjusted for risk, which is measured by the capital adequacy ratio," the company said. AM Best agency expects that the company's capitalization will remain at the highest level supported by sustainable internal stock generation.

JSC Halyk-Life is a leader in the Kazakhstani life insurance market, with an estimated 44% share after the merger, based on the gross volume of insurance premiums collected in 2018. AM Best agency expects that the merger with JSC Kazkommerts-Life will strengthen the competitiveness of JSC Halyk-Life in such segments as retirement annuities and universal life insurance, despite the risks associated with the growing level of competition in the Kazakhstani life insurance market. The activity of JSC Halyk-Life is limited to the Kazakhstani insurance market, which by international standards is small and still subject to high regulatory risk.

"The operational index of JSC Halyk-Life shows a good level, - says the company's press service - as the estimated five-year (2014-2018) weighted average capital return of 23% proves. Overall the profit of JSC Halyk-Life is due mainly by significant business growth and positive investment indicators, despite the fact that the company's investment portfolio is relatively conservative."

Reference

JSC LIC Halyk-Life, the Subsidiary of Narodny Bank of Kazakhstan, was founded in 2005. JSC Halyk Bank of Kazakhstan, the largest Bank of Kazakhstan, is the sole shareholder. The license to carry out insurance activity was issued in 2006, and renewed on November 4, 2016 with the No. 2.2.41 due to a change in the actual address of the Company’s head office.

Photos are from open sources.

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