KAZAKHSTAN: from the beginning of the year to October, Halyk-Life collected record GWP in the entire history of the life insurance market

1 November 2021 — Marina MAGNAVAL
Despite the pandemic, from the beginning of the year to October 27, 2021, Halyk-Life collected record GWP in the entire history of the life insurance market: over KZT 100 billion (~EUR 0.2 billion*), which is 88% more y-o-y. According to the National Bank, the insurer occupies a third of the market in terms of GWP, Kapital.kz reports.

"About 38% of our insurance premiums came from payment protection insurance, 28% - from pension annuities. At the same time, 15% were generated by accumulative life insurance, 19% - by other types of insurance", explained Zhanar ZHUBANIYAZOVA, chairman of the board of Halyk-Life.

According to her, a positive trend is also observed in paid claims. "Only for 9 months the company has paid more than KZT 8.2 billion. This is 16% more y-o-y. The volume of paid claims is one of the key indicators. If it grows, it means the company does not save on payments to its clients", says Zhanar ZHUBANIYAZOVA.

As of October 1, 2021, the insurer's equity amounted to KZT 44.5 billion, which is 32% of total equity capital of life insurance companies. Over the year, the insurer's equity has grown by 25%.

In January-September, Halyk-Life made a profit of KZT 6.8 billion, which is equivalent to 21% of the profitability of all life insurers operating in the market. The company's assets as of October 1 reached KZT 217 billion (+15% y-o-y). As a result, according to the National Bank, the company now occupies 31% of the market in terms of profitability.

Insurance reserves also increased by 15% compared to last year. Now total formed reserves in the company amount to KZT 164 billion - this is 32% of all formed insurance reserves of life insurers in Kazakhstan.

* EUR 1 = KZT 494.84 (30.10.2021)



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