KAZAKHSTAN: Life insurance GWP jumped by almost 34% y-o-y in May

4 July 2019 —
In May, 2019, GWP of Kazakh life insurance companies increased by 33.6% (to KZT 71 billion/~EUR 167 million) y-o-y, Allinsurance.kz reports.

Life GWP reached only KZT 26.4 billion (+42.5% y-o-y), while annuity insurance took the leading position in the life insurer portfolios (KZT 28.4 billion), with a share of 39.9% vs a 37% share of life insurance premiums.

GWP of the largest life insurer in terms of assets, HALYK life, went up by 24.5% y-o-y in May and reached KZT 12.4 billion. The share of HALYK life on the life market in Kazakhstan is 46.7%. The TOP-3 life insurers remain unchanged - over 96% of life GWP are generated by HALYK life, the European Insurance Company and Nomad Life.

Annuity insurance remains the most dynamic life insurance type (+173% y-o-y). Nomad Life remains the leader of annuity insurance (46.8% of GWP in May). While the weakest life insurance type is voluntary health insurance, which fell by 64.4% y-o-y in May, to KZT 5.9 million.

Life insurer assets increased by 128.4% y-o-y in May 2019 (to KZT 360.7 billion), insurance reserves grew by 128.6% to KZT 291 million, total capital was up by 130.7% (KZT 59.3 billion), and net profit rose by 159.3% to KZT 8.6 billion, according to Lifeinsurance.kz.

*EUR 1 = KZT 424.96 (as of May 31st, 2019)