S&P Upgrades Freedom Finance Insurance to ‘BB’ as Market Position Strengthens
Globe Newswire•11/11/2026•08:25 ET
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Key Highlights
- ➤S&P upgraded Freedom Finance Insurance ratings from ‘BB-’ to ‘BB’, outlook stable
- ➤Kazakhstan non-life market rank improved to third from 11th since 2022
- ➤2026 capital reached KZT 52 billion, up from KZT 35 billion in 2025
- ➤S&P forecasts 2026-2029 annual net profit of KZT 11 billion-KZT 16 billion
- ➤S&P expects risk-based capital adequacy above its 99.8% threshold through 2028
NEW YORK, Nov. 11, 2026 (GLOBE NEWSWIRE) -- 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.
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