16 September 2026, London – Almaty. — International rating agency AM Best has upgraded the Financial Strength Rating of Eurasia Insurance Company from B++ to A−. The Long-Term Issuer Credit Rating has also been upgraded, from bbb+ to a−, with a “Stable” outlook. Eurasia Insurance Company has become the first insurance company in Kazakhstan to receive an A− Financial Strength Rating from AM Best.

According to the AM Best rating scale, Eurasia Insurance Company has moved from the Good category to Excellent. The new rating significantly expands the company’s opportunities in the international reinsurance market, including participation in the reinsurance of major international risks.

AM Best assesses the balance sheet strength of Eurasia Insurance Company as Very Strong, while its operating performance is assessed as Strong. The company’s risk-adjusted capitalization, as measured by the BCAR model, is at the Strongest level – the highest rating under this model. The rating upgrade reflects the strength of the company’s fundamental balance sheet metrics, strong internal capital generation, and its dividend recapitalization policy. The agency also notes the company’s relatively conservative investment portfolio and good liquidity. According to AM Best’s calculations, financial strength is supported by profitability in 2025, with a Combined Ratio of 71.2% and ROE of 22%.

International reinsurance is one of the company’s key business areas. In 2025, approximately half of its premiums came from international risks, primarily from the United States, Europe, and India. The A− rating expands Eurasia Insurance Company’s opportunities in international markets and reinsurance programs where legislation, regulatory requirements, or market participant requirements stipulate a minimum rating level for a reinsurer.

The rating upgrade is significant not only for the company itself but also for Kazakhstan’s insurance market. The presence of a domestic insurer with an A− rating and substantial capitalization expands the capacity to provide insurance coverage and arrange reinsurance protection for major infrastructure, industrial and government projects in Kazakhstan.

“For us, A− is more than just another step up in the rating. Eurasia has moved from the Good category to Excellent, while AM Best assesses our risk-adjusted capitalization at the highest level — Strongest. This expands not only our opportunities in the international market, but also Kazakhstan’s capacity to insure and reinsure large risks. Today, approximately half of the company’s business is related to international reinsurance. Our next objective is to establish Eurasia among the prominent players in the global reinsurance market,” said Kairat Chegebayev, Chairman of the Management Board of Eurasia Insurance Company.

The AM Best upgrade is the second rating event for Eurasia over a short period. Previously, S&P Global also upgraded Eurasia Insurance Company’s rating to BBB+, one notch above Kazakhstan’s sovereign rating.

Eurasia Insurance Company was founded in 1995 and is currently the largest general insurance company in Kazakhstan by assets and profit. According to the National Bank of the Republic of Kazakhstan, as of July 1, 2026, the company’s assets amounted to KZT 716 billion, representing 41% of the market. Net profit after tax amounted to KZT 39.1 billion. The company’s regulatory capital exceeded KZT 356 billion, representing 45.9% of the aggregate regulatory capital of Kazakhstan’s general insurance market. The company is a leader in international reinsurance in Kazakhstan, having generated KZT 52.8 billion in premiums from non-residents during the first half of the year, representing 54.2%. Eurasia Insurance Company also owns 100% of the shares of its life insurance subsidiary, Eurasia Life Insurance Company; accordingly, the group’s consolidated regulatory assets exceed KZT 1 trillion.

AM Best is an international rating agency founded in the United States in 1899 and specializing in the insurance industry. The agency operates in more than 100 countries worldwide.