S&P Global Ratings has upgraded the long-term credit rating and financial strength rating of Freedom Life, a top three insurer in Kazakhstan, from BB to BB+. The outlook is stable, according to the agency's report. S&P has also upgraded the insurer's national scale rating from kzAA- to kzAA.

According to the agency, the upgrade reflects Freedom Life's steady growth in market share and profitability in recent years. Freedom Life has strengthened its position as the third-largest life insurer in Kazakhstan, significantly narrowing the gap with higher-rated competitors and outperforming smaller companies.

Freedom Life's market share by insurance reserves increased from 6.7% as of January 1, 2021, to 13.3% as of July 1, 2025. Moreover, as of September 1, 2025, Freedom Life's market share by GWP increased from 9% in 2020 to 24.8%. The agency expects Freedom Life to continue to improve its profitability and achieve a return on assets (ROA) of over 5-6% and a return on equity (ROE) of over 20% in 2025-2026.

The agency notes that Freedom Life has strengthened its market position within its core products, demonstrated strong profitability, and improved business diversification, while maintaining adequate capital and stable operating performance.