The international AM Best agency has confirmed the financial strength rating of Eurasia IC at "B++" and the long-term credit rating at "bbb+" with a "Stable" outlook. For many years, Eurasia has maintained the highest rating among all insurance companies in Kazakhstan, according to AM Best.

The ratings reflect the stability of Eurasia, which AM Best assesses as strong, just as its operating indicators as the insurance company. Moreover, a well-balanced business portfolio and proper management of corporate risks had been distinguished.

The stability of Eurasia IC is ensured by high risk-adjusted capitalization, which will remain at the highest level, measured by the capital adequacy ratio. Thus, the share of IC Eurasia accounts for about 45%, or more than 260 billion tenge of equity capital, which is available to all general insurance companies in the Kazakhstan market.

"We have been interacting with AM Best analysts for many years, who know our business well – our risk management principles, diversified portfolio and strong underwriting policy. "Eurasia" has been developing and growing concordantly both on the account of the domestic market and its international business. This allows us to maintain a leading position in the domestic insurance market in terms of key financial indicators, consistently demonstrating their growth and increasing financial stability," Kairat Chegebaev, Chairman of the Board of Eurasia Insurance Company, comments on the agency's decision.

In the incoming reinsurance market, as of September 1 of this year Eurasia Insurance Company collected premiums from non-residents amounting to 61 billion tenge, occupying more than 68% of the market for this indicator. The geography of Eurasia Insurance Company's risks, along with global reinsurance companies, is represented by the USA, Great Britain and India. According to AM Best, the international reinsurance portfolio ensures business diversification, reducing dependence on the domestic market. However, Kazakhstan's sovereign ratings continue to limit the possibility of further upgrades to Eurasia IC's ratings.

According to the National Bank of the Republic of Kazakhstan, in the first half of the year, the assets of Eurasia Insurance Company reached 595 billion tenge, or 44.5% of the general insurance market. Over six months, the company collected 119 billion tenge, or 31% of insurance premiums, and made 34 billion tenge, or 35% of total payments. The company earned 32 billion tenge, which is more than half of the profit of the entire general insurance sector.

As a reminder, in June, the S&P Agency also confirmed the rating of Eurasia Insurance Company at "BBB", with a Stable outlook. Thus, the company has the highest rating among insurance companies in the CIS countries, which is also one notch higher than the sovereign rating of the Republic of Kazakhstan.