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
How life insurance companies affect the economy of Kazakhstan
How life insurance companies affect the economy of Kazakhstan

The assets of life insurance companies (LICs) account for more than 500 billion tenge...

Do people in Kazakhstan “eat away” their health?
Do people in Kazakhstan “eat away” their health?

Kazakhstan ranked 9th in the rating of countries with the most dangerous food habits ...

How does life insurance work?
How does life insurance work?

According to a survey presented by Unum, about 40% of US adults do not have a life in...

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