The life insurance sector continued to accelerate, driven by robust demand for voluntary personal insurance products, rising wages and employment, active digitalization of the industry, and overall improved insurance literacy.

All key sector indicators recorded double-digit growth in the first nine months of this year, reflecting an expanding customer base and deeper penetration of insurance solutions, according to a review by the Association of Financiers of Kazakhstan.

Life insurance assets increased to KZT 2.1 trillion (+25.3%)/~EUR 3.26 billion, accounting for 56.0% (51.7% a year earlier) of the entire insurance market. This growth makes life insurers the main driver of the insurance market. The asset structure demonstrates a shift toward instruments that combine liquidity and profitability.

Total liabilities of life insurers increased to KZT 1.5 trillion (+21.2%). High concentration remains: the three largest insurers—Halyk-Life, Nomad Life, and FFLife—account for 74.3% of the sector's assets, highlighting the importance of scale effect, higher operational efficiency, and access to a broader customer base.

The sector's net profit nearly doubled to KZT 176.0 billion (vs KZT 90.8 billion a year earlier). This result was driven by significant growth in insurance revenue and investment profits. Thus, the profitability of life insurance players roughly doubled, from 13.9% to 25.6%.

Amid accelerating economic activity, rising employment, and rising wages in January–September 2025, demand for key life insurance products—pension annuities and life insurance for individuals, and employee accident insurance for legal entities—increased. These three products made the entire contribution to the sector’s premium increase, with pension annuities and life insurance accounting for 96% of the increase. This reflects the public's growing interest in long-term financial instruments and their perception of insurance as an element of personal financial planning.

Life insurance is expected to maintain strong momentum in the fourth quarter: demand for annuities and accumulative products will continue to grow amid rising wages and active digitalization, while employee accident insurance will increase due to rising employment and expansion of corporate programs. This might allow the sector to maintain its status as the main driver of the insurance market, according to the review.

* 1 EUR = 643.02 KZT (September 30th, 2025)