Freedom Finance Insurance received its first Moody’s rating. The Ba1 assessment, with a stable outlook, gives customers and partners an additional measure of the insurer’s financial strength after its equity increased by roughly KZT18 billion in six months, DKNews.kz reports.
According to Freedom Holding Corp., Moody’s announced the decision on September 4, 2026. The agency assigned Freedom Finance Insurance JSC local- and foreign-currency insurance financial strength ratings, known as IFSRs.
Ba1 sits one notch below investment grade
An IFSR reflects the agency’s opinion of an insurer’s ability to meet its obligations to policyholders on time. For someone choosing an insurance company, it provides one indicator of the company’s capacity to pay claims.
On Moody’s rating scale, Ba1 is the highest non-investment-grade rating. It sits immediately below Baa3, the lowest investment-grade rating.
The agency’s positive assessment of the company’s capital and assets should therefore be considered alongside the rating’s position on the scale.
The stable outlook reflects Moody’s expectation that Freedom Finance Insurance will maintain its strong market position and stable financial performance over the next 12–18 months.
Equity increased from KZT28 billion to KZT46 billion
According to the insurer’s announcement, Freedom Finance Insurance’s equity reached approximately KZT46 billion in the first half of 2026. It stood at around KZT28 billion at the end of 2025.
The increase of roughly KZT18 billion expands the capital available to absorb potential losses. Moody’s identified strong capitalization as one of the factors supporting its assessment.
The company reported a solvency ratio of approximately 200%, significantly above the minimum regulatory requirements.
Around 90% of investments are in fixed-income instruments
Investment portfolio quality also contributed to the agency’s assessment. At the end of 2025, approximately 90% of Freedom Finance Insurance’s invested assets were held in fixed-income instruments.
These consisted predominantly of Kazakhstan government and quasi-government securities. Moody’s described the company’s approach to investment management as conservative.
For an insurer, asset quality matters to its ability to pay claims. Financial strength depends partly on how the funds supporting obligations to customers are invested.
The insurer ranked third with a market share of around 10%
Freedom Finance Insurance ranked third in Kazakhstan’s non-life insurance market by gross written premiums in 2025. Its market share was approximately 10%.
Moody’s also considers membership in the Freedom Holding Corp. ecosystem a factor supporting the company’s market position. The shared brand, digital channels and cross-selling opportunities allow the insurer to offer products to customers using other services within the group.
By March 2026, Freedom SuperApp had surpassed five million registered users. The application gives the insurer access to an audience it can engage with to develop sales.
Azamat Kerimbayev, CEO of Freedom Finance Insurance JSC, outlined the company’s plans:
“Receiving a Moody’s rating is an important milestone for our company. The independent assessment by an international rating agency reflects the results of our work to strengthen capital, develop the business and improve asset quality. Going forward, we will continue diversifying our insurance portfolio, improving financial results and further strengthening the company’s market position.”
We previously examined why S&P improved the outlook on Freedom’s ratings and which factors informed its decision.
