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S&P Global Ratings confirms Nomad Life’s at 'BB+' level, outlook ‘Stable’

The international rating agency S&P Global Ratings confirmed Nomad Life's rating at BB+, the rating outlook Stable.
S&P Global Ratings confirms Nomad Life’s at 'BB+' level, outlook ‘Stable’

S&P Global Ratings expects Nomad Life to further strengthen its position in the Kazakhstani life insurance market in the next two years. Despite external factors, the Company has maintained good liquidity reserves by focusing on prudent asset allocation.

“The stable outlook reflects our expectation that Nomad Life will be maintaining its well-established position in the Kazakhstani life insurance market over the next 12-18 months, while keeping even higher returns than its peers.” Nomad Life invests primarily in domestic systemically important banks and government institutions with an average credit quality of 'BBB'. Thus, the company effectively manages its asset and liability management risks. Nomad Life will maintain its capital adequacy at least at 'A' due to stable current operations,” S&P analysts believe.

“The confirmation of the rating by S&P Global Ratings in a difficult financial year shows the correctness of the Company's development strategy. We do not stand still, we bring new insurance programs to the market, together with the market we work on development of the life insurance industry as a whole. The financial institution’s reliability is a key factor for clients when choosing an insurer, which activities are associated with long-term obligations,” commented Yerlan Kambetbayev, the Board Chairman of JSC LIC Nomad Life.

Nomad Life occupies a leading position in the life insurance market. The company has a developed regional network consisting of 17 branches and 12 offices in regional and district centers of the Republic of Kazakhstan.

Photos are from open sources.

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