In the first quarter of this year, life insurance in Kazakhstan increased by 26% y-o-y, while paid claims jumped by 64% at once, Allinsurance.kz reports with a reference to the National Bank’s data.

According to the 1Q results, the net profit of life insurers after taxes in Kazakhstan amounted to KZT 15.2 billion (~EUR 31.55 million), which is 42.8% less y-o-y.

The largest amount of net profit after taxes was recorded by Halyk-Life (KZT 11.4 billion), followed by Freedom Finance Life (KZT 1.5 billion) and Nomad Life (KZT 1.1 billion).

At the same time, the smallest amount of net profit was received by Eurasia (KZT 49.6 million), and a loss was recorded by KM Life (- KZT 1.1 billion).

In January-May of this year, voluntary life insurance amounted to KZT 94 billion tenge (+26.2%). At the same time, the segment’s share on the market slightly decreased - from 15.7% to 15.2%.

Paid claims in voluntary life insurance for January-May 2024 reached KZT 11.8 billion, which is 64.2% more y-o-y. The segment’s share in total paid claims increased from 7.1% to 9.6%.

The leader in terms of GWP in voluntary life insurance for January-May 2024 was Halyk-Life (KZT 44.1 billion), followed by Nomad Life (KZT 19.3 billion) and Freedom Finance Life (KZT 14.3 billion). Nomad Life at the same time is leading in terms of paid claims in the segment for the period (KZT 6.7 billion).

* 1 EUR = 481.81 KZT (March 31st, 2024)

1 EUR = 485.02 KZT (May 31, 2024)