bs-preloader__icon
ru kz en

The A.M. Best rating agency placed Halyk-Life credit rating for revision

The A.M. Best rating agency assigned Halyk Life, a life insurance subsidiary company of Halyk Bank (Kazakhstan), with a financial stability rating of B+ (good) and long-term credit emitent rating of the “bbb-“ level, and put to the revision queue with subsequent rating action, reports xprimm.com.
The A.M. Best rating agency placed Halyk-Life credit rating for revision

These credit rating actions followed the official announcement as of August 15, 2018 by the company's shareholder about the decision to merge the related company Kazkommerts-Life to Halyk Life. The decision to merge is the result of acquisition of Kazkommertsbank, the parent company of Kazkommerts-Life, by Halyk Bank, Halyk Life founder. It is necessary to have the regulator’s official permission for merger; the completion of merge procedure is planned for early 2019.

Besides, there is a financial uncertainty in terms of impact on the company's future revenue, pre-tax profits and market position of recent changes in regulator’s requirements that prohibit companies from reinsurance of workers' accident insurance from local non-life insurers, as well as decisions of a key distribution partner about a gradual transfer of business to another insurer.

The ratings will remain under revision until A.M. Best completes the assessment of the impact of these events on the company's basic rating factors and the merger process is completed.

Source: http://www.xprimm.com

Photos per website: halyklife.kz

Share
read also
Three important life insurance facts you need to know
Three important life insurance facts you need to know

Choosing a life insurance policy is one of the most important financial decisions Ame...

How to retire before retirement age
How to retire before retirement age

The Kazakhstani pension system is over 20 years old. A pool of UAPF depositors has ap...

Uzbekistan discusses reforming and speeding up the development of the insurance market
Uzbekistan discusses reforming and speeding up the development of the insurance market

The Ministry of Finance of the Republic of Uzbekistan submitted for discussion the Re...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application