KAZAKHSTAN: Standard & Poor's improved its financial rating on EURASIA to BBB-, outlook stable
For the first time in the history of the Kazakh financial market, a financial institution was given a rating of investment grade. As of today, the rating of EURASIA has reached the level of sovereign ratings of Kazakhstan and the Russian Federation, informed the insurer's press service.
S&P pointed out that the company keeps the leading positions on the general insurance market in Kazakhstan, as well as strengthens its positions on the international reinsurance market despite its rather low tariffs in this segment. Agency analytics noted good payment discipline of EURASIA. All those factors allowed to reconsider the competitive positions of the company and improve it to the "strong" level.
"Of course this is a pleasant surprise, especially when we have 25th anniversary of the Kazakh tenge. We've been trying to achieve this for a long time, proving that a Kazakh market player can be a full-pledged participant of the international reinsurance market. Assigning such a rating to a private insurer is not only our achievement, but also a proof of the stable Kazakh sovereign economy and a positive result of the reforms, implemented by our authorities. As practice shows, transition of the National Bank to the principle of inflation targeting, which assumes a free floating exchange rate of the tenge, is beneficial for Kazakhstan business. We thank our clients for their trust, and our shareholders - for their support of the development strategy of EURASIA as a Kazakhstan-based international insurer", said the Chairman of the board of EURASIA, UMANOV.