GlobeNewswire·Nov 11, 2026, 8:25 AM ET

S&P Upgrades Freedom Finance Insurance to ‘BB’ as Market Position Strengthens

S&P Global Ratings upgraded Freedom Finance Insurance's long-term issuer credit & financial strength ratings from 'BB-' to 'BB' with a stable outlook.
The insurer's Kazakhstan national-scale rating was raised from 'kzA-' to 'kzA+' due to a stronger market position & improved operating performance.
Freedom Finance Insurance moved from 11th to 3rd place in Kazakhstan's non-life insurance sector since 2022, with market share rising to 9.7%.
The agency forecasts a combined ratio of approximately 90% & annual net profit between KZT 11 billion & KZT 16 billion for the 2026-2029 period.
Capital increased to KZT 52 billion (approx. $110 million) in 2026 from KZT 35 billion (approx. $69 million) in 2025, supported by an 8 billion KZT injection.
Risk-based capital adequacy is expected to remain above the 99.8% confidence-level threshold through 2028.
The investment portfolio is described as conservative, focusing primarily on Kazakhstan's sovereign & quasi-sovereign securities with an average rating of 'BBB'.
Freedom Finance Insurance remains a strategically important subsidiary of Nasdaq-listed Freedom Holding Corp. (NASDAQ: FRHC) within its financial ecosystem.
S&P notes the insurer still needs to close the gap with Kazakhstan's two largest non-life insurance companies while maintaining profitability.
A further upgrade may be considered if the company significantly improves its competitive position while meeting performance & capital expectations.