S&P Global Ratings has upgraded Kazakh insurer Freedom Finance Insurance from “BB-” to “BB”, maintaining a “Stable” outlook.
The decision reflects the insurer’s strengthening market position, business expansion, and improved financial performance. Over four years, the company climbed from 11th to 3rd place among Kazakh insurers, with its market share growing from 2.1% to 9.7%.
For the first nine months of 2026, Freedom Finance Insurance posted a net profit of 9.1 billion tenge, with a return on equity of 27% and a combined ratio of 86.3%. The company’s capital increased to $110 million, or 52 billion tenge, up from $69 million in 2025.
S&P Global Ratings considers Freedom Finance Insurance a strategically important subsidiary of Freedom Holding Corp. The rating remains in speculative-grade territory, below investment grade.