OREANDA-NEWS. March 05, 2012. International rating agency A.M. Best Company upgraded ratings of JSC "Subsidiary insurance company of Halyk Bank of Kazakhstan "Halyk - Kazakhinstrakh", outlook - "stable", reported the press-centre of KASE.

On February 29, 2012 international rating agency A.M. Best upgraded the financial stability rating of JSC "Kazakhinstrakh" up to B++(Good) and credit rating of the company to bbb. Outlook on the ratings - stable. We remind you that in 2011 the rating agency A.M. Best assigned to JSC "Kazakhinstrakh" the financial stability rating at B+ (Good) and credit rating bbb-, with a stable outlook.

In the agency's opinion, the rating upgrade reflects good financial position of JSC "Kazakhinstrakh", strong competitive position in Kazakhstan's insurance market, high level of capitalization and profitability of the company.

- The current ratings upgrade is an evidence of an undisputed leadership of our company with regard to main financial indicators and the progress which we achieved over the past year, - says Chairman of Management Board of JSC "Kazakhinstrakh" Sapargali Imangazin. - Just a few insurance companies in our region can show ratings of that level. We are complacent that our success has been confirmed by the opinion of a respected agency.

In 2011 the market share of JSC "Kazakhinstrakh" on insurance premiums reached 15%, with insurance premiums increasing 65% to KZT24 bn compared with 2010. The average return on the company's equity for the 5 year period exceeds 5%. The company is a leader in terms of insurance pay-outs, which reached KZT4.7 bn in 2011.

JSC "Kazakhinstrakh" is a leading insurance company in Kazakhstan holding a license for insurance operations on all insurance classes. The company  is represented in all regions of the Republic of Kazakhstan, offering insurance services in 18 branches and over 200 POS. The main shareholder of the company is JSC "Halyk Bank of Kazakhstan" with a stake of 99.75% of shares.

JSC  "Halyk Bank of Kazakhstan" is a leading bank of the country with the largest number of clients and the widest branch network. The bank is part of financial group "Halyk Group", which combines 13 subsidiaries. The group's companies offer a broad range of services to the public (banking services, pension accumulations, insurance, leasing, brokerage, asset management), SME, corporate customers. The bank also operates in Russia, Georgia and Kyrgyzstan.

A.M. Best Company is and honored rating agency focusing on ratings for insurance companies. The agency was established in 1899 and operates in Asia-Pacific region, EMEA and Canada. Amongst  customers of the agency are leading insurance companies with global reputation.