Total income of insurance companies in Kazakhstan in the first quarter of 2023 amounted to KZT 241.5 billion (~EUR 0.48 billion), which is 20.1% more y-o-y. At the same time, expenses increased by 16.6%, to KZT 195.3 billion (~EUR 0.39 billion), Allinsurance.kz reports.

The main source of income is income from core activities - KZT 205.5 billion, approximately KZT 188 billion of which is insurance revenue.

The bulk of the expenses for the period came from the costs of making insurance payments under insurance contracts (KZT 45.7 billion). Significant shares fell on general and administrative expenses (KZT 21.4 billion) and expenses related to the termination of insurance or reinsurance contracts (KZT 26.8 billion).

Total profit of insurance companies before taxes increased by 37.7% to KZT 46.2 billion. Net profit after taxes increased by 39.3% to KZT 42.8 billion. Total retained earnings for January-March 2023 reached almost KZT 46 billion (+57.1%). 17 out of 26 insurance companies recorded income, the remaining 9 - uncovered losses.

The leader in terms of retained earnings is life insurance company Halyk-Life (KZT 12.4 billion), followed by Eurasia (KZT 8.6 billion), and the life insurance company Freedom Finance Life (KZT 4.4 billion).



*EUR 1 = KZT 495.42 (01.04.2023)