The premiums on the Life Insurance class built up by 45.1% in annual terms in January 2024 against an increase of 54.3% a year earlier. LICs collected 19.7 billion tenge in total (in January last year – 13.6 billion tenge). Life insurance premiums account for 37.7% in the total portfolio of LICs versus 41.2% a year earlier.
LIC Halyk life remains its leadership in the life insurance segment with a portfolio of 7.2 billion tenge. The company’s premiums in the segment increased by 71.7% (year-on-year), the market share made 36.5% (a year ago - 30.8%). LIC Nomad Life is the second with a 6.8 billion tenge volume of premiums. The company’s share in the segment grew to 34.7% (a year ago – 20.7%) due to the annual dynamics of premiums of 143.1%. According to the results of January, LIC Freedom Finance Life is the third with a 2.7 billion tenge portfolio. The company’s share in the segment is 13.7%, the annual dynamics of premiums are 253.9%. LIC European Insurance Company (EIC) left the top three leaders in the life insurance segment. The company collected 2.1 billion tenge in premiums losing 59.1% of dynamics and making 10.7% of the segment.
Except for EIC, all LICs showed positive dynamics in the segment premiums. The share of the three largest LICs in the class fell to 84.9% compared to 89.3% a year earlier.
The premiums in the class “Life insurance within the framework of the state educational savings system” (SESS) totaled 11.5 million tenge in January 2024. LIC Nomad Life is the leader of the segment with a 4.7 million tenge portfolio at the end of January. The company’s share in the total collections under the SESS amounted to 41.1%. LIC Halyk life is in the second place with a 3.3 million tenge portfolio. The company’s share in the segment is 28.7%. LIC Freedom Finance Life is in the third place with a 2.8 million tenge portfolio or 24.4% of the SESS segment. The largest LICs in the SESS segment increased their share to 94.2% in January 2024 against 89% at the end of December 2023.
Annuity insurance excluding retirement annuities reduced the growth dynamics to 35.3% in
January 2024 against an increase of 45.8% a year earlier in annual terms. LICs collected 478 million tenge in total. The leader of the segment is LIC KM Life with a portfolio of 370.7 million tenge and segment share of 77.6% (in January 2023 - 53.4%). LIC Halyk life has the second largest portfolio in the segment of 94.5 million tenge. The company’s share in the segment is 19.8% (in January 2023 – 43.6%). LIC Standard Life with a 5 million tenge portfolio occupies 1.1% of the market and the third position in the segment. The share of the three largest LICs in the class is 98.3%, the share of two largest companies is 97.3%.
The growth in retirement annuity premiums showed the highest dynamics of 78.5% among the life insurance industry segments in January 2024. A year earlier, the increase in premiums was 59.5% (all year-on-year).The total fees exceeded 16 billion tenge in monetary terms. All LICs demonstrated positive dynamics in premiums. The share of retirement annuities in total LIC premiums amounted to 30.6% versus 27.2% a year earlier. The leader in the retirement annuity segment with a 5.3 billion tenge portfolio and a 33.2% segment share (in January 2023 - 34.1%) is LIC Halyk life. LIC Nomad Life is in the second place with a volume of premiums of 4 billion tenge and a share in the segment of 25.1% (in January 2023 - 33.3%). The third position is taken by LIC Freedom Life with a 3.8 billion tenge portfolio and a 24% segment share (in January 2023 - 17.3%). The share of the three largest LICs in the class reached 82.2% versus 84.7% a year earlier.
Accident insurance (AI) premiums collected by LICs increased by 43.7% in annual terms in January 2024 against an annual growth of 784% in January 2023. The total portfolio of LICs in the AI segment amounted to 6.49 billion tenge compared to 4.5 billion tenge in the same period in 2023. The share of the AI segment in total LIC fees dropped to 12.4% versus 13.6% a year earlier. LIC Freedom Finance Life is still a leader of the AI segment by LIC with a 2.9 billion tenge portfolio, which corresponds to a 45.5% share in the segment (in January 2023 - 13.8%).
LIC KM Life is in the second place with a portfolio of 2.7 billion tenge. The share of the company in the segment is 42.5% versus 49.5% a year earlier. The third place is occupied by LIC EIC with a portfolio of 617.8 million tenge and a market share of 9.5% (in January 2023 - 16.2%). The premiums of the three largest LICs in the AI segment form 97.4% of this segment.
The premiums in the sector “Insurance of an employee against accidents during the performance of work duties” (CAI) decreased the dynamics to 73.7% at the end of January 2024 against an increase of 114.9% in January 2023 (year-on-year), exceeding 9 billion tenge. The share of segment premiums in total LIC fees made 17.3% versus 15.8% a year earlier. LIC Nomad Life remains the leader in the CAI segment. The company’s portfolio exceeded 3.1 billion tenge in absolute terms forming 34.6% of the segment (in January 2023 – 39.6%). LIC Halyk life is in the second place with a 2.9 billion tenge portfolio or 32.2% of the segment (in January 2023 - 35.5%). The top three largest LICs in CAI with a portfolio of 1 billion tenge and a market share of 11.4% are closed by LIC KM Life. The company accounted for 14.2% of the CAI segment in January 2023.
Health insurance premiums (VHI) by LIC grew by 41.2% in January 2024 against an increase of 44% compared to the same period last year (all year-on-year). The premiums amounted to 487 million tenge in absolute figures. The segment leader is LIC EIC with a 283.7 million tenge portfolio, having reduced its share in the segment to 58.3% against 69.7% a year earlier. LIC Eurasia is the second with a 130.3 million tenge portfolio and a 26.8% market share (in January 2023 – 1.5%). LIC Nomad Life is the third with a portfolio of 61.3 million tenge and a market share of 12.6% (the company was not represented in this segment in January 2023). The premiums of the three largest LICs on voluntary health insurance by LIC account for 97.6% of the segment versus 71.2% a year earlier.
As of January 1, 2024, the total assets of LICs reached 1,118 billion tenge, insurance reserves increased to 769.6 billion tenge, and equity capital grew to 248.5 billion tenge. Retained earnings of LIC built up to 101.9 billion tenge.
