S&P raises Eurasia Insurance to BBB+, first private Kazakh financial firm at that level

September 11, 2026 at 11:58 AM2 min

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S&P Global Ratings upgraded Eurasia Insurance to BBB+ with a stable outlook, making it the first private Kazakh financial company to hold that rating. The insurer now ranks one notch above Kazakhstan's sovereign rating and retains the highest S&P rating among insurers in the CIS. The upgrade reflects improved operating performance, higher liquidity, and stronger return on equity.

Key Facts

S&P Global Ratings upgraded Eurasia Insurance's long-term credit rating to BBB+ with a stable outlook on September 11, 2026.
Eurasia Insurance is the first private Kazakh company in the entire financial sector to receive a BBB+ rating from S&P.
The insurer's rating is one notch above the sovereign rating of the Republic of Kazakhstan.
S&P also affirmed the company's national scale rating at kzAAA.
In the first half of 2026, Eurasia Insurance held 41% of assets among general insurance companies, or more than 716 billion tenge.

Rating Upgrade

S&P Global Ratings upgraded Eurasia Insurance's long-term credit rating to BBB+ with a stable outlook. The agency cited improved operating performance, a higher liquidity buffer, and a balanced investment strategy. S&P also noted a significant increase in return on equity. Eurasia Insurance became the first private Kazakh company in the financial sector to receive a BBB+ rating from S&P. The company's rating is one notch above the sovereign rating of Kazakhstan.

Market Position

Eurasia Insurance retains the highest S&P rating among insurance companies in the CIS. S&P also affirmed the company's national scale rating at kzAAA. According to the National Bank of Kazakhstan, Eurasia Insurance held 41% of assets among general insurance companies in the first half of 2026. The company's assets exceeded 716 billion tenge. Eurasia Insurance collected over 130 billion tenge in premiums and made 32.8 billion tenge in payouts during the first six months of 2026.

Financial Performance

Net profit after tax reached 39.1 billion tenge in the first half of 2026. S&P analysts attributed the strong capital and profitability metrics to higher-quality investment instruments. The agency expects Eurasia Insurance to maintain its leading position in Kazakhstan's general insurance market. S&P also upgraded the rating of the company's subsidiary, KSZh Eurasia, to BBB with a stable outlook. The life insurance segment, particularly pension annuities written by KSZh Eurasia, contributed increasingly to the group's revenue and net profit.