KAZAKHSTAN: Insurers' January-September income increased by almost 25% y-o-y

11 November 2020 — Marina MAGNAVAL
From January to September 2020, the income of insurers in Kazakhstan increased by 24.6% y-o-y, to KZT 428.6 billion (~EUR 0.85 billion*), Allinsurance.kz reports.

Most of the income (KZT 322.1 billion) came from insurance activities (+13.6% y-o-y) and KZT 104.8 billion from investments (+81.2%). The income from other activities of insurance companies accounted for KZT 1.7 billion.

According to the data of the National Bank of Kazakhstan, the income of insurers has been growing for the fourth year in a row, while the expenses grew for the second year in a row. For January-September 2020, expenses increased by 17.3% to KZT 317.9 billion.

Total corporate income tax of insurance companies for the period increased by 8% to KZT 8.7 billion, while the net profit after taxes increased by 57.4% y-o-y and reached KZT 102 billion in January-September. Of these, KZT 77 billion came from the non-life sector and KZT 25 billion from life insurance.

* at the following exchange rate:
EUR 1 = KZT 502.14 (as of 30 September 2020)

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