KAZAKHSTAN: in January-May 2019 insurer income grew by more than 25% y-o-y, while net profit dropped by almost 3%

18 July 2019 —
In January-May 2019, income of the Kazakh insurers amounted to KZT 176.7 billion (~EUR 0.41 billion), which is 25.1% more y-o-y, Allinsurance.kz reported based on data from Finprom.kz.

From the past 5 years (2014 to 2019), insurer income dropped only in 2015 (-5.0%), increasing in the other 4 years.

In January-May 2019, insurers received 83.7% of their income from the core business. In the same period last year, the share of insurance activities in total income was 78.2%. At the same time, investment income decreased from 20.2% (Jan-May 2018) to 15.7% (Jan-May 2019).

Net profit, in contrast to income, dropped to KZT 29.9 billion, which is 2.8% less y-o-y. From 2014 to 2019 in the same period the lowest net profit was recorded by insurers in 2017 (-58.8% y-o-y), and the highest net profit growth was seen in Jan-May 2018 (+160%).

The largest insurer in terms of net profit this year is EURASIA (KZT 11.6 billion), followed by NOMAD Life (KZT 3.6 billion) and VICTORY (KZT 2.8 billion). At the same time, 5 of the 27 insurance companies in the period reported losses, Allinsurance.kz wrote.

*EUR 1 = KZT 424.96 (31.05.2019)