S&P Upgrades Freedom Finance Insurance to ‘BB’ as Market Position Strengthens
Summary by AI BETAClose X
NEW YORK, USA, November 11th, 2026, FinanceWire
Freedom Finance Insurance has received a credit rating upgrade from S&P Global Ratings, reflecting its growing share of Kazakhstan’s insurance market, stronger financial results and improved capital position. The company has moved from 11th to third place in the country’s non-life insurance sector since 2022, while its market share has risen to 9.7%.
S&P Global Ratings has upgraded the long-term issuer credit and financial strength ratings of Freedom Finance Insurance JSC, part of Nasdaq-listed Freedom Holding Corp. (NASDAQ: FRHC), from ‘BB-’ to ‘BB’. The outlook is stable.
The agency also raised the insurer’s Kazakhstan national-scale rating from ‘kzA-’ to ‘kzA+’, citing its stronger market position, improved operating performance and growing capital base.
One of the main reasons for the upgrade is Freedom Insurance’s rapid growth in Kazakhstan. The company now ranks third in the country’s non-life insurance market, compared with 11th place in 2022. For 2026-2029, the agency forecasts a combined ratio of around 90% and annual net profit of between KZT 11 billion and KZT 16 billion.
The insurer has also strengthened its capital position. In 2026, its capital reached KZT 52 billion (approximately $110 million), up from KZT 35 billion (about $69 million) in 2025.
According to S&P, the stronger capital base should help Freedom Insurance support further growth while maintaining its financial stability. The agency expects the company’s risk-based capital adequacy to remain above its 99.8% confidence-level threshold through 2028, taking into account a KZT 8 billion capital injection in 2026.
S&P also describes the insurer’s investment portfolio as conservative. The company invests primarily in Kazakhstan’s sovereign and quasi-sovereign securities, with an average credit rating of ‘BBB’.
An Important Part of Freedom Holding
S&P continues to regard Freedom Insurance as a strategically important subsidiary of Freedom Holding Corp., which owns the insurer through its Kazakhstan brokerage subsidiary, Freedom Finance JSC.
Insurance plays an important role in the group’s wider business strategy. Alongside banking, brokerage and other financial services, it forms part of the range of products Freedom offers to customers as it develops its financial ecosystem.
The agency expects Freedom Insurance to continue growing and diversifying its business while maintaining strong profitability and capital levels.
At the same time, S&P notes that the insurer still has some ground to make up before it can close the gap with Kazakhstan’s two largest non-life insurance companies. Maintaining its current profitability as it expands will therefore remain important.
Stable Outlook
The stable outlook reflects S&P’s expectation that Freedom Insurance will continue to strengthen its business over the next 12 months without putting undue pressure on its capital position.
The agency could consider another upgrade if the insurer significantly improves its competitive position while keeping its operating performance and capital adequacy in line with expectations.
For now, S&P expects Freedom Insurance to maintain healthy earnings, a stable balance sheet and sufficient capital to support its continued expansion.
About Freedom Holding Corp.
Freedom Holding Corp. provides financial services in 24 countries, including Kazakhstan, the United States, multiple EU countries, Uzbekistan, and Armenia. The Company’s principal executive office is located in New York City. In Kazakhstan, Freedom is actively developing its financial and digital ecosystem, which includes Freedom Bank, Freedom Broker, the insurance companies Freedom Life and Freedom insurance, as well as a lifestyle segment that features Arbuz.kz, Freedom Ticketon, and Aviata. Freedom Holding Corp. shares are traded on the U.S. technology exchange NASDAQ, the Kazakhstan Stock Exchange (KASE), and the Astana International Exchange (AIX) under the ticker symbol FRHC.
Freedom Holding Corp. is regulated by the U.S. Securities and Exchange Commission (SEC) and the common stock is included in the Russell 3000 Index.
Contact
Head of Public RelationsNatalia Kharlashina
Freedom Holding Corp.
prglobal@ffin.kz
+77013641454
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