KAZAKHSTAN: based on may result total assets of insurers increased by 7.6%

According to the results as of the end of May 2018 total assets of Kazakh insurers reached KZT 948.1 billion, y-o-y up by 7.6%. At that more than 40% is owned by TOP-3 biggest local insurance companies, informed the financial service Finprom.kz.

As said the portal allinsurance.kz in terms of assets the leader is EURASIA (KZT 235.6 billion, +17.9% y-o-y), then goes VICTORY (KZT 84.5 billion vs KZT 76.1 billion a year ago) and the 3rd one is NOMAD Life (KZT 71.9 billion, +22.8%). Together TOP-3 own 41.3% of all the assets.

Total amount of insurance reserves increased as well (+8.7%, from KZT 444.4 billion to KZT 483.1 billion), reserves-to-assets ratio is 51%. TOP-3 in terms of insurance reserves are: EURASIA (KZT 116.2 billion vs KZT 94.3 billion a year ago), NOMAD Life (KZT 60.7 billion vs KZT 50 billion) and KHALYK-Life (KZT 54.4 billion vs KZT 42.2 billion). The share of TOP-3 insurance reserves' in total volume is 47.9%. According to the portal for the last 5 years total volume of insurance reserves increased more than 2 times and their average annual growth rate is 18.4%.

As for the profit of the local insurers - here the trend is rather volatile. During the first 5 months in 2018 net profit amounted to KZT 30.8 billion (vs KZT 15.8 billion a year ago). However, the net profit result for 5 months last year compared to 5 months of 2016 was negative (- 61%, from KZT 40.6 billion in January-May 2016 to KZT 15.9 billion for January-May 2017). But if we look at the general trend for the last 5 years, we see that the local insurers' profit almost doubled - from KZT 16.2 billion to KZT 30.8 billion this year, wrote allinsurance.kz.

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