BAKU, Azerbaijan, September 17. US-based AM Best rating agency has upgraded the Financial Strength Rating of Kazakhstan’s Eurasia Insurance Company JSC to A- (Excellent) from B++ (Good), while its Long-Term Issuer Credit Rating was upgraded to "a-" (Excellent) from "bbb+" (Good).
According to a press release issued by the agency, the outlook for both ratings was revised to stable from positive.
The agency said the ratings reflect Eurasia’s balance sheet strength, assessed by AM Best as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.
"The rating upgrades reflect Eurasia’s demonstrated resilience in its balance sheet strength fundamentals, supported by strong internal capital generation and a dividend recapitalisation policy," AM Best said.
The agency noted that the insurer’s balance sheet strength is supported by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), as well as a relatively conservative investment portfolio with good liquidity. Eurasia manages its exposure to catastrophe risk through reinsurance coverage for catastrophe losses from its domestic and regional portfolio, as well as prudent underwriting guidelines and low-risk retention limits.
AM Best said Eurasia’s financial flexibility from its parent company, Eurasian Financial Company JSC, is limited, as the parent has a weaker credit profile, primarily due to its ownership of Eurasian Bank JSC. However, regulatory restrictions in Kazakhstan substantially mitigate the risk of capital extraction that could adversely affect Eurasia’s solvency and capitalisation.
Eurasia’s strong operating performance assessment is supported by good underwriting profitability. The company recorded a non-life net-net combined ratio of 71.2% in 2025 and 85.3% in 2024, as calculated by AM Best.
"Whilst underwriting results have been subject to volatility in recent years, the company actively manages the performance of its portfolio by adjusting premium rates, utilising prudent risk selection for its personal lines and applying conservative risk retention limits for its inward reinsurance book," the agency said.
Eurasia’s earnings have also been supported by solid investment income, with the company reporting consistently positive operating results. Its return on equity stood at 22.0% in 2025 and 19.8% in 2024, according to AM Best’s calculations.
The agency noted that Eurasia has a strong position in Kazakhstan’s domestic (re)insurance market and benefits from geographic diversification through international inward reinsurance. The company is the largest (re)insurance company in Kazakhstan, according to AM Best. Its international reinsurance portfolio accounted for approximately half of premiums written in 2025, providing additional geographic diversification.
This business primarily originated from the United States, Europe, and India, where Eurasia has maintained long-standing relationships with its cedants. At the same time, the company faces strong competition in international markets from insurers with more established profiles.
AM Best is a global credit rating agency specializing in the insurance industry. The company is headquartered in the United States and operates in more than 100 countries, with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore, and Mexico City.
