BAKU, Azerbaijan, May 4. Assets of Kazakhstan's insurance (reinsurance) organizations increased by 1.9 percent to 2.2 trillion Kazakh tenge ($4.9 billion) in March 2023 compared to the same month in 2022, Trend reports via Kazakhstan's Agency for Regulation and Development of Financial Market.
According to the agency, the reason behind this growth is an increase in income from insurance activities.
Out of total assets, securities equaled 71.4 percent (1.6 trillion Kazakh tenge or $3.6 billion), cash and deposits in second-tier banks - 6.1 percent (134 billion Kazakh tenge or $301.7 million), and insurance receivables - 4.6 percent (101 billion Kazakh tenge or $227.4 million).
Furthermore, the liabilities of insurance (reinsurance) organizations in March 2023 increased by 1.6 percent to 1.4 trillion Kazakh tenge ($3.1 billion).
The equity of insurance organizations increased by 2.5 percent, or 20 billion Kazakh tenge ($45 million) to 829 billion Kazakh tenge ($1.8 billion) mainly due to the profit received from insurance activities.
All banks operating in the country, except the National Bank of the Republic of Kazakhstan, represent the second level of the banking system and are second-tier banks.