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Total assets of insurers in Kazakhstan as of April increased by KZT3.1 bn.

Unlike the banking system with its latest shocks, the second spring month ended well for the insurance sector, according to the regulator’s operative reports, states
Total assets of insurers in Kazakhstan as of April increased by KZT3.1 bn.

Total assets of this sector increased by 0.3% to KZT949.2 bn., in absolute terms - by KZT3.1 bn as of April.  The margin of the leading “Eurasia” from its nearest competitors is rather significant. Besides, in April the assets of the leader increased by another 2.9% to KZT 241.5 billion. For comparison, the second-ranked "Victoria" was 83.7 billion tenge in early May with an increase of 0.7%. Further, in the top ten there are Nomad Life (1.5% to KZT70.3 bn.), Halyk-Life, with a decrease of 0.5% to KZT66.2 bn., Kazkommerts Life, with an increase of 1.1% to 64.4 billion tenge, "Halyk-Kazakhinstrakh" (1% to 53.8 billion tenge), "KazakhExport" with an April decrease of 0.6% to 46.7 billion tenge, Kazkommerts-Policy 0,9% to 37,8 billion tenge) and "State Annuity Company", whose assets increased by 2.4% to KZT34.9 billion. The insurance company Kazakhmys closed this group, with a significant reduction by 14.6% to KZT27.9 bn. The most interesting part here is an actual duopoly in the market after the transfer of Kazkommertsbank’s insurance subsidiaries under control of Halyk Bank of Kazakhstan. It is easy to calculate that the total assets of Halyk-Life, Kazkommerts-Life, Halyk-Kazakhinstrakh and Kazkommerts-Policy reached 222.2 billion tenge by start of May, which is quite comparable with Eurasia’s index. And the total share of this quintet in the total assets of the insurance sector is 48.8%.

The total equity of the insurance sector has also increased by 0.2% to 421.2 billion tenge, in absolute terms - by 0.7 billion tenge by the second spring month. The Eurasia’s supremacy in this indicator is also impressive, by the beginning of May it has accounted for more than a quarter (more precisely, 28.7%) from the total index! The leader has “gained” another 1.7% to 121.1 billion tenge as of April. Victoria is the second here as well, with KZT 77.6 billion, but its capital has declined by 0.2%. Another three companies able to overcome the $20 billion bar among other insurers, are: KazakhExport, up 0.5% to KZT42.5 billion, Halyk-Kazakhinstrakh, with a 0.4% decrease to KZT 22.6 billion, and Kazkommerts-Policy (0.3% to KZT 21 billion). By the way, if we sum up the data on Halyk Life (KZT8.9 bn) and Kazkommerts Life (KZT12.3 bn) with the latter two insurers, the total amount will be KZT64.8 bn., that allows the Halyk Bank subsidiaries to compete for the second place only.

According to the financial result of the insurers’ activities, an undistributed income, the market concentration is even higher, since the share of Eurasia in its total value amounted to almost half (46.2%) by early May. As of April, the leader's profit has increased by another 38.5% to KZT10.6 bn. It is notable that there have not been any competitors to Eurasia on this index, as Kazkommerts-Life, being the second, has earned only 1.7 billion tenge for its shareholders. By the way, here the insurance companies of the Halyk Bank of Kazakhstan group do not make a worthy competition to the leader, since together they have showed a profit of 2.7 billion tenge, while Halyk-Kazakhinstrakh has ended April with a loss of 0.2 billion tenge. In addition to the latter, losses were also shown by Kommesk-Omir (-0.2 billion tenge), Amanat (-0.04 billion tenge), Nurpolis (-0.1 billion tenge), Transoil (-0.2 billion tenge) and Salem (-0.2 billion tenge). The total profit of the insurance sector has grown in 1.8 times in April to almost 23 billion tenge, by 10.3 billion tenge - in absolute terms.

Another statistical breakdown was formed both for premiums collected by insurers and for payments made by them, the total volume of which increased for the second month by 29.3% to 139.4 billion tenge and 35.7% to 28.3 billion tenge respectively. By the first index the leading "Eurasia" had an increase of almost 28% to KZT31.7 bn. as of April, whereas by the beginning of May, only Halyk-Kazakhinstrakh and Halyk Life managed to overcome the 10-billion bar by 26.3% 17.7 billion tenge and 39.7% to 13.8 billion tenge respectively. However, the four insurance "daughters" of Halyk Bank together managed to collect by 40.9 billion tenge more premiums than "Eurasia".

Halyk insurers provided competition to Eurasia in volume of insurance payments. The latter, being a leader on the market on this index has increased them 1.5 times in April to 6.8 billion tenge, whereas the customers of the second Halyk-Kazakhinstrakh managed to receive 2.5 billion tenge with an increase of 26, 8%. But if payments to Kazkommerts-Policy (KZT1.4 bn), Halyk Life (KZT1.3 bn) and Kazkommerts Life (KZT 1.2 bn) are added to the latest insurer's data, the amount will come up to 6.4 billion tenge. The level of 1 billion tenge was also exceeded by Nomad Life (1.5 billion tenge), Nomad Insurance (1.2 billion tenge), Kommesk-Omir (1.5 billion tenge), Oil Insurance Company "(KZT1.2 bn.), and Interteach (KZT1.2 bn.).

Author: Tulegen ASKAROV


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