It is noted that this growth was primarily driven by operational factors — a GWP increase (+KZT 160 billion) and a significant improvement in underwriting results (+KZT 154 billion).
The asset structure reflects the market's adaptation to the changed macroenvironment. The main increase came from securities (+KZT 92 billion) amid favorable dynamics in local and international stock markets, as well as bank deposits (+KZT 49 billion) amid high interest rates.
Despite accelerated asset growth, the share of non-life insurers in total insurance market assets decreased to 43% from 46% a year earlier. This reflects an outpacing growth of life insurance companies' assets, whose market position strengthened due to the expansion of their product lines and increased demand for savings and investment products.
Non-life insurance liabilities increased by 9.9% (vs 16.7% in 2024). Amid slower growth, the liabilities-to-assets ratio improved to 41.8% (previously 43.8%), indicating the sector's continued comfortable liquidity and stability.
Non-life insurance premiums increased by 22.8% in 2025, up from 3.0% the year before, indicating a phase of active market expansion. This growth was driven by property insurance (+KZT 73 billion) amid a surge in mortgage lending and double-digit housing price increases, compulsory MTPL (+KZT 20 billion) due to the introduction of flexible pricing and rising car sales, and accident insurance (+KZT 11 billion) driven by expanded coverage, increased employment, and increased corporate demand for employee insurance.
At the same time, the growth in paid claims significantly outpaced premiums in relative terms: paid claims rose 34.6% vs a 9.2% increase the year before. This growth was driven by property damage insurance (+KZT 29 billion), MTPL (+KZT 26 billion), and health insurance. The increase in paid claims reflects both increased insurance coverage and the number of contracts, as well as appreciation of insured assets, which led to a 32% increase in the average claim amount. As a result, the payout-to-premium ratio increased to 36% from 33%, indicating a gradual increase in the loss ratio of non-life insurers' portfolios and creating the basis for a tariff revision in certain segments.
Non-life insurers' net profit saw a modest increase of 3% to KZT 131.4 billion. This was dampened by a decline in investment income, outpacing growth in paid claims, an increase in reserves for future liabilities, and a nearly twofold increase in corporate income tax, which together offset the effect of the insurance portfolio expansion and premium growth. As a result, sector profitability declined to 17.8% from 20.3% at the end of 2024, according to the review.
*EUR 1 = KZT 591.68 (as of December 31, 2025)
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