Kazakhstan’s insurance sector’s assets reach 1 trillion tenge

Business Materials 23 April 2019 15:50 (UTC +04:00)

Baku, Azerbaijan, April 23


Kazakhstan’s insurance sector’s assets reached 1.1 trillion tenge by the end of the March 2019, which is an increase of 16.9 percent in contrast to the last year’s 946.1 billion tenge, with an annual growth rate of 6.9 percent, Trend reports citing ranking.kz.

With an annual increase of 36.5 percent 53.8 percent of the asset allocation of the insurance companies (594.5 billion tenge) is represented by securities. Deposits represent 18.9 percent (209.6 billion tenge) with an annual decrease of 2.6 percent, while the reinsurance assets amount to 10.7 percent (118.8 billion tenge) with an increase of 4.8 percent.

The insurance sector is represented by 27 companies. “Eurasia” is the single largest of them with a total asset of 270.2 billion tenge, that is 15.1 percent increase compared to the last year.

The company now controls 24.4 percent of the market compared to the last year’s 24.8 percent.

“Halyk-Life” (144.3 billion tenge) and “”Halyk” Insurance Company” (130.9 billion tenge) – two subsidiary companies of the National Bank of Kazakhstan also made it to the top-3 in terms of the total assets. Together they now control 24.9 percent of the market compared to the last years 12.7 percent. These three companies control almost a half of the insurance market – 49.3 percent.

Furthermore companies “Nomad Life” and “Victoria” take the fourth and the fifth place with an amount of 97.5 and 93.4 billion tenge respectively.

“”Halyk” Insurance Company” proved to be the fastest developing company with an asset increase of 2,5 times a year. It is closely followed by “Halyk”, whose total assets doubled since last year. The third place was taken by “KazakhExport” whose total assets are estimated to be 83.6 billion with an increase of 77.9 percent.

Freedom Finance Insurance and Sinoasia B&R are also among the fastest developing companies with a total asset increase of 51.1 percent and 50.5 percent respectively.