S&P Global Ratings has upgraded the long-term credit rating of Eurasia Insurance Company to BBB+, with a Stable outlook. The agency’s analysts highlight improved operating performance, a strengthened liquidity buffer and a prudent investment strategy, as well as a significant increase in return on equity.

Eurasia Insurance Company has become the first private domestic company in history—not only among insurers, but across the entire financial sector—to receive a BBB+ rating from S&P. Eurasia Insurance Company maintains the highest S&P rating among insurance companies in the CIS countries, one notch above the sovereign rating of the Republic of Kazakhstan. S&P also affirmed the company’s national scale rating at kzAAA.

“The upgrade to BBB+ is an important assessment of Eurasia’s financial strength and business quality. It is particularly significant that the company maintains a rating above the sovereign rating of Kazakhstan and has become the first private company in the country’s financial sector to receive such an S&P rating. This is the result of consistent efforts to strengthen capital, improve efficiency, diversify the business and enhance the quality of the insurance portfolio. For us, the new rating is not only recognition of the results achieved, but also an additional foundation for further business development in Kazakhstan and on international markets,” comments Kairat Chegebayev, Chairman of the Management Board of Eurasia Insurance Company, on the rating agency’s decision.

S&P also noted that the current financial results of Eurasia Insurance Company reflect years of strategic efforts to optimize its portfolio and shift towards more profitable lines of insurance, including international reinsurance. The company’s very strong capital and profitability metrics, as well as its adequate level of liquidity, are attributable to the higher quality of its investment instruments.

“Eurasia Insurance Company will maintain its strong competitive position, supported by its leading position in Kazakhstan’s general insurance market. We believe that the company will continue to increase business diversification and expand the share of international inward reinsurance, while maintaining its very strong capital and profitability metrics, as well as an adequate level of liquidity, enabling it to withstand our hypothetical sovereign stress test,” S&P analysts forecast.

Along with Eurasia Insurance Company, the agency also upgraded the rating of its subsidiary, Eurasia Life Insurance Company, to BBB, with a Stable outlook. S&P noted the growing contribution of the life insurance segment, particularly pension annuities issued by Eurasia Life Insurance Company, to the insurance group’s overall revenue and net income.

According to the latest data from the National Bank of the Republic of Kazakhstan, in the first half of 2026, Eurasia Insurance Company maintained its leading position in the insurance market based on key financial indicators. The company accounted for 41% of total assets among general insurance companies, or more than KZT 716 billion. During the six-month period, the company collected more than KZT 130 billion in premiums and made KZT 32.8 billion in insurance payments. Net profit after tax amounted to KZT 39.1 billion.

Eurasia Insurance Company remains one of Kazakhstan’s largest exporters of financial services and a leader in international reinsurance, having collected KZT 52.8 billion in premiums from non-residents in the first half of the year, representing 54.2% of the market. Regulatory capital exceeded KZT 356 billion, representing 45.9%.