S&P Global Ratings has upgraded Nomad Life, Kazakhstan's largest life insurance company, to BBB- with a positive outlook. The company has thus achieved the same level as the sovereign rating of the Republic of Kazakhstan (BBB-/Positive), the insurer reports.

Nomad Life has become the only private company in the country with a rating at the same level as the sovereign. Its national scale rating has been upgraded from kzAA+ to the highest level of kzAAA.

The rating agency noted strengthening of Nomad Life's capitalization and profitability. In less than a year, the company's capital has grown from KZT 47.4 billion (USD 90 million) at the end of 2024 to KZT 118.3 billion (USD 216 million) as of October 1, 2025.

Nomad Life ranks first among life insurance companies in Kazakhstan in terms of premium collection, with a market share of 30.5% as of September 1, 2025, the insurer added.