AM Best has affirmed Halyk Insurance Company’s Financial Strength Rating at B++ (Good) and its Long-Term Issuer Credit Rating at “bbb” (Good), with a stable outlook. These ratings reflect the company’s robust balance sheet strength, strong operating performance, limited business profile, and marginal enterprise risk management.
Halyk Insurance’s balance sheet strength is supported by its very strong risk-adjusted capitalization, conservative investment portfolio, and a prudent dividend policy limiting annual distributions to 50% of prior-year earnings. However, its reliance on reinsurance and exposure to Kazakhstan’s high financial system risk partially offset these strengths.
The company’s underwriting results improved in 2023, with a combined ratio of 92.6%, supported by a solid investment performance. Halyk Insurance ranks second in the domestic non-life insurance market based on gross written premium in 2023.
AM Best doesn’t view Halyk Insurance’s financial strength as affected by the weaker credit profile of its parent company, Halyk Savings Bank of Kazakhstan JSC, due to regulatory protections.
This press release pertains to published Credit Ratings on AM Best’s website. For comprehensive rating information and disclosures, please refer to AM Best’s Recent Rating Activity web page and Guide to Best’s Credit Ratings.
AM Best, a global credit rating agency and data analytics provider, operates worldwide with headquarters in the United States and regional offices in key international locations. Visit www.ambest.com for more information.
