ASTANA, Kazakhstan, August 5. The Assets of insurance organizations in Kazakhstan increased by 2.9 percent to 2.4 trillion tenge ($5.4 billion) in June 2023 (14.1 percent year-over-year), Trend reports.
According to Kazakhstan's Agency for Regulation and Development of the Financial Market, this growth can be largely attributed to the soaring revenues from insurance activities.
As of July 1, 2023, the composition of insurance assets showcased a dominant share held by securities, accounting for 69.9 percent (1.6 trillion tenge or $3.6 billion), followed by funds and deposits in second-tier banks at 6.8 percent (160 billion tenge or $316.9 million), and insurance receivables at 5.1 percent (121 billion tenge or $273.6 million).
The obligations of insurance and reinsurance organizations surged by 4.1 percent to reach 1.5 trillion tenge ($3.3 billion) in June 2023 (an overall growth of 17.2 percent since the beginning of 2023).
Simultaneously, the capital of insurance and reinsurance entities experienced a slight growth of 0.9 percent, amounting to 7.4 billion tenge ($16.7 million), reaching a total of 845 billion tenge ($1.9 billion) by June 2023. This development was primarily driven by the profits gained from insurance activities, contributing to a 9 percent growth since the start of 2023.
The insurance market's net profit for June 2023 stood at 21.2 billion tenge, or $47.9 million ($108.5 billion tenge, or $245.4 million since the beginning of the year).