AM Best Affirms Credit Ratings of Halyk-Life, JSC

LONDON--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Halyk-Life, Life Insurance Subsidiary Company of the Halyk Bank of Kazakhstan, JSC (Halyk-Life) (Kazakhstan). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Halyk-Life’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM).

Halyk-Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). BCAR scores were comfortably above the minimum required level for the strongest assessment at year-end 2024, based on audited IFRS 17 financial statements. BCAR scores are expected to remain at the strongest level in 2025, and prospectively, supported by solid operating results and a dividend policy that allows for sufficient earnings retention to support the company’s growth plans. Halyk-Life’s investment portfolio is relatively conservative by asset class, with investment-grade fixed-income securities accounting for more than 80% of its investment holdings. An offsetting balance sheet strength factor is the material exposure to the high financial system risk in Kazakhstan.

Halyk-Life has a track record of strong operating performance, supported by prudent risk selection and steady investment income amid intense market competition. In 2024, the company reported a return on equity of 57% (2023: 54%), as calculated by AM Best, which should be considered in the context of the high inflationary environment in Kazakhstan. Based on unaudited preliminary results, Halyk-Life reported overall pre-tax earnings of KZT 93.0 billion for 2025 (2024: KZT 93.0 billion). AM Best expects the company to maintain strong operating profitability.

Halyk-Life is a leading insurer in Kazakhstan’s life insurance market, ranking No. 2, as measured by gross written premium in 2025, and No. 1 by assets and profit. However, Halyk-Life’s operations are limited to its domestic insurance market, which is small by international standards. The company has a competitive advantage as it successfully leverages the relationship with its parent JSC Halyk Savings Bank of Kazakhstan JSC - the largest bank in the country.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

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