On April 12, 2024, the rating agency AM Best confirmed the financial strength rating at B++ (Good) and the Long-term issuer credit rating at bbb (Good) for the life insurance company - Halyk-Life. The outlook is stable, the insurer wrote on its website.

The ratings reflect the strength of Halyk-Life's balance sheet, which AM Best rates as very strong, as well as its strong operating performance, limited business profile and extreme corporate risk management.

The ratings consider, among other things, Halyk-Life's exposure to high levels of economic, political, and financial systemic risks associated with Kazakhstan, where the company is incorporated, conducts most of its operations and owns a significant portion of its assets.

In recent years, Halyk-Life has demonstrated improved operating performance, largely driven by lower commission rates in its bancassurance portfolio. In 2022, the company's return on equity was 35.6% (vs 21.8% in 2021). AM Best expects Halyk-Life to maintain strong operating margins in the future.

Halyk-Life is a leader in the Kazakhstan life insurance market with the largest market share. However, the company's activities are limited to the domestic insurance market, which is small by international standards. In recent years, the company has become less reliant on third-party distribution channels, given its ability to leverage its relationship with its parent company, JSC Halyk Bank of Kazakhstan, the company said.